The British pound and the Canadian dollar were traded today using the Mean Reversion strategy. I did not trade anything using Momentum.
The lack of fresh economic data, as expected, put noticeable pressure on the euro during the first half of the day. A similar situation was observed with the British pound. Such conditions are not unusual. Markets lacking new catalysts tend to continue following previously established trends. In the absence of significant news drivers, traders often turn to technical analysis and remain within existing price patterns. In this case, yesterday's session established a certain direction for price movement, and until new, stronger catalysts emerge from the US side, this momentum is likely to persist.
The second half of the day will bring some interesting economic data. The session will begin with the release of US goods trade balance figures. This indicator reflects the difference between the value of goods exports and imports, providing valuable insight into the country's trade balance. A narrowing trade deficit may be viewed as a positive signal for the economy, while a widening deficit may indicate certain challenges.
The trade balance report will be followed by the release of consumer confidence data. This index measures the level of consumer optimism regarding current and future economic conditions. A high level of consumer confidence generally correlates with increased spending, which is an important driver of economic growth.
Particular attention will be paid to the Richmond Fed Manufacturing Index. This index reflects business activity in the manufacturing sector within the region covered by the Federal Reserve Bank of Richmond. Higher index readings indicate expanding manufacturing activity, which could support further dollar gains against risk-sensitive assets.
In the event of strong economic data, I will rely on the Momentum strategy. If the market does not react to the releases, I will continue using the Mean Reversion strategy.
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