Forex Signals Brief for Sep 3: Markets Gearing Up for US Jobs
Rowan Crosby • 2 min read
The ongoing trade wars will once again be a major focus for forex markets this week. But given the fact that the US is away for a holiday on Monday, there is every chance this might get brushed aside early in the week.
Once again we have arguably the most important data point due for release on Friday, which is US employment. We are looking at 190K new jobs created last month and if achieved this indicates the start of the US economy is strong. That was also backed up last week with a sold 4.2% GDP figure, which was above expectations.
Given the fact that the US is on holiday on Monday and we have a massive number out on Friday, we might be in for a slow start to the trading week.
Of the other majors the USD/CAD is clearly in focus at the moment thanks to the trade issues with the US. And we also have the BOC rate decision out this week.
The GBP/USD is also busy with some key economic data points and more importantly ongoing speculation from last week surrounding Brexit.
While the AUD/USD has a number of key data points out, including GDP and retails sales. And of course the all-important RBA interest rate decision.
Forex Signal Update
The FX Leaders Team ended the trading week relatively square from a win/loss perspective. Going at eight and eight.
Silver – Silver is pushing right back to the lows and this is looking like a downside breakout candidate at the moment. If it can hold, we might see a bounce following golds lead.
Bitcoin – Active Signal
It looks like Bitcoin has managed to hold the all-important $7,000 level. This is a really positive sign for our signal as there has been a pretty big battle between the buyers and sellers and for now it looks like the bids are stepping up. There are now some smaller levels to overcome as price again tries to push to the next round number of $8,000.
Gold – Pending Signal
Gold has bounced off the lows at 1160 and is trying its best to break higher. 1200 is currently providing support and might give us some further opportunities today.