Forex Signals Brief for Oct 3: A First Look at US Employment
It’s the first week of the month and as always that means it’s time for US employment.
Non-farm payroll data is arguably the biggest market mover we have. Certainly for equities and perhaps only trailing interest rate decision in forex markets.
On Wednesday we get the first look at the upcoming employment from last month, with the unofficial ADP number. The ADP is predicted to show 187K new jobs created last month. Which will be slightly higher than what we might get come Friday. But either way a good indicator.
We’ll also have services PMI from the UK and ISM non-manufacturing from the US.
An important data point to watch will be today’s crude inventories. With price trading at a big level there is a real chance of some volatility, if the number is outside of analysts expectations.
Forex Signal Update
The FX Leaders Team put in a strong showing grabbing four straight winners in gold, the EUR/USD, AUD/USD and NZD/USD.
Oil – Oil is holding $75 ahead of the key inventory data for the week.
USD/CAD – Active Signal
The CAD has been active this week right from the get-go. We saw a gap down and run on the new NAFTA deal. We’re also seeing a strong oil price which is a boost given its status as a producer and exporter. The trend is down and we are short.
Bitcoin – Active Signal
Bitcoin appears to be consolidating for now and I feel is getting ready for a big move. We need to crack $6,800 resistance first.
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