Forex Signals Brief for Sep 7: Jobs Day is Here
Rowan Crosby • 2 min read
Markets are certainly active at the moment, but there is clearly an underlying sense of unease that is still present. While jobs day is the major focus for most traders, there is also the possibility of further US tariffs against China being a factor today.
Yesterday, the ADP employment for July showed a 166K increase in new jobs. This is slightly lower than many were hoping for and it might be a bad sign for US equity markets if the official non-farm payroll figure follows suit.
Meanwhile, the big worry amongst investors is the fact that the comment period on the increased Chinese tariffs officially ends. Trump has suggested he is getting ready to implement tariffs as soon as that period had ended, so the market is waiting and ready for anything.
It could prove to be a very big day, so keep a close eye on the screens as we could be in for some serious volatility.
Forex Signal Update
The FX Leaders Team has had a third fantastic day in a row. We claimed 5 straight winners and the single loss. If you recall it was 7 straight the day before so the guys are putting together a really solid week.
Gold – We continue to consolidate around the 1200 level so watch for any big moves. Keep an eye on the USD as there could well be some movement today.
EUR/CHF – The EUR/CHF did as I suggested it might and has crashed through support after pulling back.
Bitcoin – Active Signal
Bitcoin managed to find some support around the $6,500. Goldman claimed the reports that they have halted plans for a trading desk as simply speculation. There will be some work to do to regain $7,000 and price is on a knife’s edge at this level.
DAX – Pending Signal
The DAX has fallen away sharply and there is momentum building to the downside. The NASDAQ has once again led stocks lower and the tech names are the ones getting hit. Look for more follow through on the open in Europe.