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Forex Fundamental Analysis-03/02/2022


  • General mood is “risk off”
  • Australian Building Approvals much stronger than expected at +8.2% from -0.9% talk
  • Majors largely unchanged, amid tight ranges in Asia  

What’s Moving

Today can be characterized as light trade on light volumes in Asia today, which China still out for Luna New Year holidays and with a lack of defined direction from overnight trade.

U.S. stocks were hit hard in Globex trade, which bodes for opening lower in New York tonight. This comes after Meta (Facebook) disappointed in their earnings results after the close yesterday.

Tonight sees interest rate decisions from the UK and Euro-zone, which will be the main focus in Europe. U.S. traders will focus on the Initial Claims numbers, which may shock to the downside after the negative ADP numbers.

Data tonight sees:

  • Spanish, German, French, Italian and Euro-zone PMI’s
  • UK Monetary Policy decision (E: 25bp hike)
  • Euro-zone interest rate decision (E: no change)
  • U.S. Initial Claims (E: 245k)
  • U.S. Final Services PMI (E: 50.9)


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