Forex Signals Brief for August 23: ECB and PMI in Focus
Rowan Crosby • 2 min read
The markets are starting to get interesting this week and we have a ton of data out on Thursday to help things on their way.
This morning the AUD/USD has been the story of the day, with Aussie PM Malcolm Turnbull losing the support of the ruling Liberal Party and yet another leadership ballot looks to be on the cards. The AUD/USD was down significantly on the news.
Elsewhere, the headline act will once again be the ECB minutes. While the EUR/USD has seen some upside in recent sessions, I suspect the USD is looking to turn things around.
If the ECB reiterate their dovish stance on interest rates, then we might very well expect the EUR/USD to fall away.
At the same time, we have a number of PMI announcements from across the Eurozone, which will make sure we have plenty of action. Out of the US will also get some PMI data as well as home sales. And the weekly employment claims.
Forex Signal Update
The FX Leaders Team had a quiet day with only two signals finishing one and one.
Silver – Silver looks to be falling away after a period of consolidation.
CAC – The CAC has bounced a touch and is currently in the middle of a trading range.
Bitcoin – Active Signal
After yesterday’s spike through $6,600, Bitcoin just couldn’t hold on to those gains. And we promptly reversed and pulled back to around the $6,400 level, where we are currently trading. This is a little bearish as it shows there isn’t buying interest above resistance.
DAX – Active Signal
The DAX is still hovering around breakeven at the moment. The lead from wall street was a little weak yesterday, which weighed on markets. But it looks like we have a big day ahead in Germany with some key data points to get things rolling.