Forex Signals Brief for June 13: Markets Ready for a Rate Hike
Forex markets have been waiting for the June instalment of the FOMC for some time. The expectation is well and truly there that the US will be raising interest rates once again. If all goes to plan that will put the official rate at 2.0% up from 1.75%.
Yesterday, all the focus was clearly on the summit between US President Donald Trump and North Korean Leader Kim Jong Un. While there appears to be progress being made. There will be many out there that are still sceptical as to whether the meeting will amount to much.
Along with today’s FOMC announcement, there is more top-tier data out of the US, in the form of PPI. On Tuesday we had a strong CPI number, with the yearly inflation at 2.8% in the US. Which will please Jerome Powell and the FED. Clearly, the USD and the majors are set for a busy session.
Forex Signal Update
The FX Leaders team had a quiet day as markets were not giving up many opportunities. That can sometimes be the case in the lead up to big events like the FOMC. However, the guys did find a win in the EUR/USD. But it came with a couple of losses. For the week we are six and four which is a decent start.
Bitcoin – BTC continues to decline and we’ll be watching the $6,400 level with interest.
EUR/CHF – Active Signal
The EUR has been one of the top performers over the last week or so. As we await the ECB this week there is a lot of talk that they will announce an official end date for QE. That has seen buyers step up. The EUR/CHF is one of our favourite pairs and it continues to appreciate. Our profit target is at 1.1619.