FX Trading - Do It Again

We're coming out of the long weekend to a historic week; for traders, punters and all us plebians!

First up, Mr Bernanke and friends begin a new tradition at the Fed, holding 4 press briefings a year after FOMC meetings, starting with this week's meet. Releasing the statement earlier than usual, the prez will present all his committee's economic projections after they're done; we're just wondering if he'll entertain questions. Come to think of it, if each of the members backed up their predictions with money, this will be just like a soccer pool in the office.

Then on Friday, the UK is closed for business for the Royal Wedding! Here's a note on the financial aspects from Bloomberg:

The Federation of Small Businesses calculates the extra public holiday to mark the nuptials in London’s Westminster Abbey on April 29 may cost the economy as much as 6 billion pounds ($9.8 billion). That’s 10 times the 620 million pounds Verdict Research, a unit of Datamonitor Plc, estimates that sales of wedding memorabilia might add to the economy. (emphasis mine)

Well, if there's a tradable UK Happiness Index Derivative at least we'll see a pop, which I'll definitely fade.

Trading

Our GBPJPY long was stopped out on a quiet Monday for a small profit. Looking at the action these few days, we'd say the market's consolidating for another round of USD selling; so will probably look for pullbacks to buy GBP or EUR, especially after the strong rejection of lows seen earlier today. May consider GBPJPY again but wary of volatility, and the deathly look of USDJPY after failing to stay above 82.00.

On Wednesday we have UK GDP and the FOMC taking centre-stage, followed by US GDP the next day and Eurozone CPI while the royals get married.

So all in all, it'll be an interesting week we trade in.

Peace