Forex Signals Brief for Sep 20: Commodity Currencies on the March
One of the biggest winners, since the new round of tariffs on China were announced, has been the commodity currencies. The AUD/USD, USD/CAD
One of the biggest winners, since the new round of tariffs on China were announced, has been the commodity currencies. The AUD/USD, USD/CAD and NZD/USD have all started moving thanks to a more risk-on feel.
We are seeing more follow through today in the Kiwi in particular after a better than expected GDP print this morning. At the same time, gold and silver are both strong, which bodes well as we move into the European session.
Today the headline act will be the SNB, however, I suspect again we won’t get much new information here and rates are certain to remain on hold.
Meanwhile, there is plenty of big data around with UK retail sales and Philly Fed and existing home sales out of the US.
Forex Signal Update
The FX Leaders Team had a quiet day with a couple of losses in some EUR crosses.
AUD/USD – The Aussie was a strong performer yesterday and there is a bit of upward momentum at the moment. Can it continue for a second day?
Gold – Active Signal
The USD has been a little weak and that has helped prop up gold. The yellow metal has been selling off sharply for some time now. We have also seen a bit of a rally overnight in the materials sector. And gold miners were also strong in the US session.
Bitcoin – Active Signal
Bitcoin had a big spike through $6,200 only to retrace the losses in quick time. Some called it a mini-flash crash, but in reality, BTC is pretty volatile. We will continue on with this one for now.
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