Top White House economic adviser Gary Cohn, who became a key architect of the 2017 tax overhaul and a bulwark against protectionist forces within the Trump administration, resigned. Cohn’s resignation came after Trump said he was sticking with plans to impose hefty tariffs on steel and aluminum imports. While the measures on their own are relatively small, the risk is that an emboldened Trump administration will push ahead with a full-scale economic confrontation with China.
The Bank of Canada kept interest rates steady, as widely expected. Reiterating its key January phrasing word-for-word, the bank said that while more hikes are probably warranted, some continued monetary policy accommodation will likely be needed to keep the economy operating close to potential and inflation on target, and pledged caution in considering future rate moves.
The Australian economy advanced 0.4% in the fourth quarter of 2017, less than market consensus of a 0.5% expansion and after an upwardly revised 0.7% growth in the previous quarter.
This is how our forex trading strategies look like:
EUR/USD
Trading strategy: Long
Open: 1.2330
Target: 1.2580
Stop-loss: 1.2210
Recommended size: 1.67 mini lots per $10,000 in your account
Short analysis: The EUR/USD bulls managed to register a daily close above the 30-day SMA, which is currently at 1.2355, this increases the likelihood for further gains to the 30-day upper Bollinger band, currently at 1.2511, and February 16 high at 1.2555.
Previous position: Short opened at 1.2300, profit taken at 1.2180, earned: 120 pips, $328 per $10,000 in your account
GBP/USD
Trading strategy: Long
Open: 1.3780
Target: 1.4100
Stop-loss: 1.3640
Recommended size: 1.07 mini lots per $10,000 in your account
Short analysis: The GBP/USD broke above 7-day EMA and bulls need a break above the 14-day EMA and yesterday’s high at 1.3929 now. A close below that level may weaken bullish momentum.
Previous position: Short opened at 1.3930. Profit taken at 1.3770, earned: 160 pips, $301 per $10,000 in your account
