Official statements coming out of the G-7 summit are causing some waves in the world markets. Asia stocks have fallen nearly 3% on concern by the G-7 that the economic outlook has worsened. The U.S. Dollar is expected to strengthen as the group expressed "unease" over the currency's 14% drop in value over the past year. Most analysts however predict that no significant gains will be made by the Dollar until steps are actually taken to strengthen it's demand.
We are expecting several economic reports coming out of the UK today at 4:30am EST. We will take the standard GBP/USD entry risk but will manage the trades with caution as the reports near. No new entries will be taken within 30 minutes of the report and any trade not in significant profit will be closed out 5 minutes prior to the announcements.
Standard rules will govern our GBP/JPY-USD/JPY pairs as well.