Forex Signals Brief for June 12: The Summit has Begun
Rowan Crosby • 2 min read
Markets will be on the edge of their seats for the remainder of the day, as the US/North Korean summit officially got underway in Singapore. So far we’ve seen much of the geopolitical news being largely shrugged off by markets. The weekends G7 seemed to have little impact on the state of play. So only time will tell how the meeting between North Korean Leader Kim Jong Un and US President Donald Trump will play out.
The US is looking for North Korea to denuclearise. While North Korean will be focused on getting the US to lift the numerous economic sanctions that are crippling the country. The summit got underway with a handshake before the two will go behind closed doors for further discussions. Followed By a working lunch.
Meanwhile, markets wait on the two big central bank announcements, which will be taking place later in the week. And while all the headlines are coming thick and fast, we also get a look at US Core CPI, which is a big market moving number.
Forex Signal Update
The FX Leaders team had a strong start to the trading week, finding 5 winning signals and only the one loser. This comes on the back of a very tidy week, where we have been running along with an 80% strike rate.
Bitcoin – BTC has fallen sharply but we are starting to find some support.
DAX – Equity markets have been largely positive after the G7 and headed into the US/North Korean summit.
Bitcoin – Pending Signal
The price of Bitcoin got an absolute hammering over the weekend, as it came to light that South Korean cryptocurrency exchange Coinrail was hacked. A tweet from Coinrail was all it took to send prices dropping by 10%. BTC has had a history of shaking these things off and rebounding, so we will be watching the current support level around the 6,600-6,800 very closely.