Markets were again active yesterday and the majors, in particular, were moving. A weaker than anticipated US CPI print, hurt the USD and it will again be in focus today.
The major release of the day is again out of the US, by way of retail sales. The USD has been falling away this week and the data hasn’t impressed.
If you recall, we did see a really big beat in retail sales a few months back, which sent the USD surging higher. Traders will be hoping for more of the same today.
Meanwhile, US President Trump continues his battle with China. A tweet yesterday suggested that it is not the US looking to make a deal, but the Chinese. That also weighed on the Greenback as investors have been hopeful of some progress. But that appears to have stalled for time being.
Forex Signal Update
The FX Leaders Team had another great session. This time nailing five straight winners. It has been a strong week all round, much the same as last week.
EUR/USD – The EUR/USD has been ramping up thanks to a more positive Mario Draghi and a weak USD. However, there is plenty of resistance overhead.
NZD/USD – Active Signal
The NZD/USD signal is going a little slower than anticipated, but the fact we are still holding onto this is a real positive. When the USD fell, the NZD/USD held up well. In that, it didn’t gain all that much. To me, that is showing that there is weakness there. We might get stopped out, but we are on the right side.
Bitcoin – Active Signal
Bitcoin continues to find its feet and is currently around the $6,400 level. We have a mini break to the upside which is good news. It also looks like the lows have held. So let’s wait and see what the buyers can do.