October 29th

. Wednesday, October 29th, 2008 (8:30 a.m. New York Time) USA
At 8:30 a.m. we will have U.S. Durable Goods Orders m/m which is expected to come out at -1.5%. Last month it came out 2.5 below expectations and we saw 40 pips move on USD/JPY. However, we this time will also have Interest Rate decision so the price action might be a bit weird. Nevertheless, if it comes out at 0.1% or higher, I would probably give a try and buy USD/JPY and look for 30 to 40 pips. If it comes out at -3.3% or lower, I would sell USD/JPY and look for 30 to 40 pips as well. It would be good if the headline number is not conflicting.

2. Wednesday, October 29th, 2008 (9:00 a.m. New York Time) NORWAY
At 9:00 a.m. we will have Interest Rate out of Norway. Be careful - very high spreads may happen! If they cut by 0.50% from 5.25% to 4.75%, there is not much you can do as it is widely expected. If they cut only to 5.00% or hold the rates unchanged at 5.25%, you may try to sell USD/NOK or EUR/NOK, looking for 400 or more pips. If they cut the rates by 0.75% or more, I would buy EUR/NOK or USD/NOK and expect 400 pips (or more) move as well.

3. Wednesday, October 29th, 2008 (2:15 p.m. New York Time) USA
At 2:15 p.m. we will have U.S. Interest Rate statement, and over half of economists expected them to cut the rates by 0.50% from 1.50% to 1.00%. About 25% of economists expect them to cut the rates by 0.25% from 1.50% to 1.25%, and around 20% of them are expecting them to keep the rates unchanged. A small number of economists expect them to cut the rates by 0.75%. If they cut the rates to 1.00%, it would be a no trade. If they cut the rates by 0.25% from 1.50% to 1.25%, I would sell EUR/JPY, looking for 100 to 300 pips move. If they don't cut the rates, it should be a very good sell trade on EUR/JPY. If they cut the rates by 0.75% from 1.50% to 0.75%, I would buy EUR/JPY and expect a nice move. Please watch the video for more, VERY IMPORTANT details.