Friday October 24th

1. Friday, October 24th, 2008 (4:30 a.m. New York Time) UK
At 4:30 a.m. we will have UK GDP q/q. It is expected to come out at -0.2%. Because GBP/USD is on such strong down trend, probably you can just short GBP/USD and make money. Therefore, if it comes out at -0.3% or lower, I would sell GBP/USD. If it comes out at -0.1% or 0.0%, I would also sell but on the spike up (if any). That it, I would wait for the spike up, and try to short at better price. I think because of such strong down trend we will see a very short living spike up should GDP comes out at -0.1 or 0.0. If it is positive, I would be more careful, perhaps stay away.

2. Friday, October 24th, 2008 (7:00 a.m. New York Time) CANADA
At 7:00 a.m. we will have Canadian CPI Core m/m which is expected to come out at 0.3%. I still think it is better to trade against the spike on higher CPI here. If it comes out at 0.4% or higher and other numbers are not conflicting, I would buy USD/CAD right after USD/CAD spikes down. If it comes out at 0.1% or lower, I would enter long on USD/CAD on a spike and I would not trade against it.

3. Friday, October 24th, 2008 (10:0 a.m. New York Time) USA
At 10:00 a.m. we will have U.S. Existing Home Sales m/m. Because of all the other problems, I don't think people would care about this report. However, if it comes out much better, and you are around your trading station, you may to sell EUR/USD or GBP/USD as an excuse to enter a short trade. Unfortunately, it is hard to say what USD will do in the next few hours so such decision must be made right before the report.