Chancellor Philip Hammond is expected to deliver a spring Statement based on better than expected economic figures.
THE SPRING STATEMENT
The Chancellor of the Exchequer, Philip Hammond, has announced that the government will respond to the forecast from the Office for Budget Responsibility (OBR) in a Spring Statement on Tuesday the 13th of March 2018.
Following the Chancellor’s announcement at Autumn Statement 2016, there will now only be one major fiscal event in each year, held in the Autumn.
Yesterday the forex markets were quiet with the pound only up by 0.25% against the euro and around 0.40% against the dollar. Being a trader, it is good to assess the currency markets from both a fundamental and technical perspective before we decide to take the trade. Today we expect the Chancellor to deliver a message based on stronger economic footing compared to that of November.
Richard Flax, CIO of MF Stated “the Spring Statement is likely to be delivered with a positive spin following stabilising economic growth and a cut in public borrowing forecasts for 2017/18.
Platinum Analysts believe that the economy is in a better than expected state post-referendum and that the government is in a stronger position than the last 15 months. When we look at the UK economic growth for 2017, we hit 1.7% compared to the 1.5% predicted by the OBR.
As forex traders, we should go into this currency market news event with a positive bias. As you know, fundamentals come first in online trading, technicals come second, and so fundamental should be considered before even opening your Forex Trading System.
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Being optimistic we should not forget that it has been a very difficult time for the UK with so much uncertainty, and this also affects the inflow of investments into the economy, and with this comes a breakdown in consumer confidence.
NEWS EVENTS TIME AND EXPECTATIONS
Annual Budget Release:
Tuesday, 11:30. The Chancellor of the Exchequer Phillip Hammond will present the new UK budget.
This event, also known as the Spring Statement, will consist of new forecasts for the economy. In the event, growth forecasts were below 2% annually for all of the years in the forecast’s horizon.
The reason we have chosen to trade this news post-event is any upgrade or downgrade could move the Great British Pound drastically. We should be ready to take advantage of a 200-pip trade if this is the case, with the assistance of our Forex trading system.
The money hours for the 14th of March 2018 start at 07:00 GMT and once you book your appointment you shall get an SMS to confirm your booking to learn how to trade this Forex News Event. This event is free on acceptance of consultation.
FOREX TRADING STRATEGIES FOR TRADING THE SPRING STATEMENT:
This is a risk event and we suggest you use no more than 1% of the risk capital of your overall currency trading account for your personal trading purposes.
Important Pointers for FX traders:
- Know the ranges of your currency pairs.
- Know the critical times of when to stop trading.
- Do not revenge trade.
- Do not trade GBP/USD between 16:00 and 17:00.
- If you are new to trading, take out 50% of your balance to protect impulsive behaviour and risk.
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I hope you found this Forex Blog informative and it assists you in trading the Currency Markets with confidence.
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OUR FOREX TRADING SYSTEM
If you’ve only just started thinking about stepping into the foreign exchange market, then we highly recommend starting with a demo account. New-comers will often see a profitable trade on a short time frame and simply dive right in, without even setting a stop loss to protect capital, this is something you will never see a professional day trader do.
Professional traders will combine a number of different means of analysis, such as moving averages or Fibonacci levels, or they will have a forex trading system to assist in their technical analysis. You will see professional trades based not only on the forex trading system’s analysis but also on a whole bunch of fundamental events and developments, with appropriate stops and take profit levels clearly set out to ensure perfection on the trade.
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Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day!
Nisha Patel
Live from the Platinum Trading Floor.