1. Thursday, May 17th, 2007 (7:00 am New York Time) CANADA
We have CPI figures coming out of Canada. Inflation is the hot topic all over the world, and Canada is definitely included. The number to focus on will probably be the core month over month inflation, that's expected at 0.1%. If the inflation comes out at 0.4% or higher, it may possibly drive USD/CAD down by 50 pips or more in the first hour of the report. A reading of -0.2% or more negative, may possibly drive USD/CAD up by 50 pips or more in the first hour of the report. Even smaller triggers such as deviations of 0.2% either direction or 0.1% either direction may cause a decent move, but the other numbers will have to be taken into consideration as well. Though 0.3% deviation is a pretty good bad that even with other numbers conflicting, we should see a good move in the right direction.

2. Thursday, May 17th, 2007 (9:30 am New York Time) USA
Then we have Bernanke that will be speaking about subprime mortgage problems in the US. I personally won't be trading this one, because everybody knows about these problems, and I believe that it's fully priced into the markets, and if he is being optimistic about the problems, I am not sure if markets will believe him. So we may see very choppy price action, or we may even see large breakout move after this speech, but it's just too much rick for my taste. So I'll stay out.

3. Thursday, May 17th, 2007 (12:00 pm New York Time) USA
Then we have Philadelphia Fed Index coming out, that's expected to come out at 3.5. A lot of economists care about this indicator and observe it, and it can cause a move in the US dollar, if it comes out particularly surprising, but the biggest problem is that it rarely comes out surprising. This indicator is very timely. It's only May 17th, and it's already coming out for May. If the number comes out at 20 or higher, it may possibly move GBP/USD down by 50 pips or more in the first hour of the report, since it would be the highest reading in over 2 years. If the number comes out at -15 or lower, it would be the lowest reading since end of 2001, and GBP/USD may possibly go up by 50 pips or more in the first hour of the report. Smaller deviations may very possibly cause smaller moves, so perhaps a deviation of 10, can possibly give a move of 20 pips or more, et cetera. My exact triggers will depend on where the price is at before the report.

4. Thursday, May 17th, 2007 (7:50 pm New York Time) JAPAN
Then we have Tertiary Index coming out of Japan, which measures industrial performance in Japan. It's expected to come out at -0.8% or so. If it comes out at 0% or higher, USD/JPY may possibly go down by 25 pips or more in the first hour of the report. If it comes out at -2% or more negative, USD/JPY may possibly go up by 25 pips or more in the first hour of the report. Be careful with less conservative triggers on this one, and don't try to jump on it right away if you have to pay high spread. This one is slow, and may take its time to fully manifest.

That would be all for tomorrow Remember that later today, we have Fukui speaking out of Japan, so if you are in any Yen cross trades, be extra careful.



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