Forex Signals Brief for Jan 14: Busy Week of Data for Investors
Rowan Crosby • 2 min read
Markets continue to push higher, however, we are looking like getting hit with an avalanche of news and economic data this week, that will be certain to shake things up.
From an economic data perspective, it is the US that has the major events of the week, with PPI and retail sales. At the same time, we are busy hearing from Fed speakers as they are out promoting the new dovish agenda that we’ve read so much about in recent weeks. This week also marks the start of US earnings season, which will be a busy time for stocks.
At the same time, there are a number of key data points out this week from China including today’s trade data. And of course the ongoing, trade wars.
While the big event of the week is the Brexit vote, in which it appears that PM May’s deal is unlikely to pass. Britain is scheduled to leave the EU on March 29 so things are getting a little tight.
Forex Signal Update
The FX Leaders Team finished seven and four last week in what was a quiet one for our signals.
Gold – Active Signal
For now gold is continuing to hold below the important $1300 level. We’re short looking for a bit of a pullback. The FOMC members are doing the rounds talking a more dovish game at the moment and that will likely help the cause. However, stock markets might be a little weak on the open today.
USD/JPY – Active Signal
The USD/JPY has been weak recently and we are looking for a continuation of that trend today. Despite the holiday, there is still some movement today thanks to the Chinese data.
Bitcoin has held at the $4,000 level and now appears to have take the bottom of the range at $3,600.
If price can hold below $3,600 for any period of time, I feel that there is very little support holding us up and a test of the lows looks likely once again.
This is a weak product in a big downtrend so that’s really the way we need to keep on playing it for now.