Forex Signals Brief for Oct 31: Euro CPI and US Jobs in Focus
Rowan Crosby • 1 min read
World stock markets have shrugged on the negative sentiment to put in a strong performance yesterday. Coupled with a rising USD, it appears there is still some life left in markets at the moment.
Today, we have a slew of top-tier data that begins early with Eurozone CPI. The ever-dovish ECB President Mario Draghi will be intently focused on seeing some upward pressure on European inflation and will be wanting to see a number upward of the 2.1% figure that is predicted.
At the same time, we get a first look at the jobs market in the US, with the unofficial ADP number. It is predicted to show an increase of 189K jobs. Generally, this is a good guide as to what we can expect on Friday.
While out of Canada, we have GDP and finally EIA crude inventories to round out what is looking like a very busy day.
Forex Signal Update
The FX Leaders Team grabbed five straight winners, adding to what is already looking like a really strong week.
BTC – After breaking to the downside, Bitcoin is still coiling around the current levels. Still waiting for a break of a significant level.
EUR/CHF – Active Signal
The EUR/CHF remains in a tight range around the 1.1400 level. We have an important EUR number today so a miss will see this signal looking good.
DAX – Pending Signal
The DAX continues to hold below the support turned resistance level at 11400. We are testing it and the strong lead from Wall Street might help on the open.