Forex Signals Brief for August 17: Eurozone CPI in Focus
The EUR/USD staged a bit of a recovery yesterday after a few sessions of severe selling pressure. The focus will once again be on the shared
The EUR/USD staged a bit of a recovery yesterday after a few sessions of severe selling pressure. The focus will once again be on the shared currency this session as we get a look at the all-important Eurozone CPI figure.
Weak inflation has been a big issue for central banks all around the world and the ECB has certainly not been immune. They have been working for years to try and turn things around and have thrown the kitchen sink at the problem, by way of QE and easy monetary policy.
Expectations are for a CPI figure of 2.1%, which is still at the low end of what the ECB might like. The EUR/USD has been struggling all week and yesterday tried and failed at the 1.1400 level. Today’s data might at least help it to recapture some buying.
Elsewhere we get to have a look at CPI from Canada which is rally the only other top-tier announcement for the day.
Markets were in risk-on mode yesterday, as the US-China meeting stirred up the bulls. Let’s see if that can follow through today.
Forex Signal Update
It was another busy day for the FX Leaders Team as the boys finished two and two. Gold was the star with two winning signals to the short-side. We are holding a number of open positions as we head into the European open so this might be a busy Friday.
Silver – Gold has been tumbling and there is a high correlation with silver.
CAC – The CAC bounced along with worldwide equities yesterday as we had a real risk-on day. This might be a chance for a short.
Bitcoin – Active Signal
Bitcoin is currently in a trading range between $6,000 and $6,600. That top level is the point at which I am most focused. If it can crack it resistance we might well see some buying interest come in. Which is clearly what we are looking for with this signal.
NZD/USD – Active Signal
The NZD has seen some upside since yesterday and this is putting our signal under a bit of pressure. Being short here is the only real play, and it is simply a matter of if we have enough wiggle room with our stop.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals