Forex Signals Brief for Feb 1: US Employment in Focus
Equity markets might well have had their best January in 30-years, but February is set to start off with a bang, thanks to US employment data set for release today.
The expectation is for 165K new jobs to have been created last month, but we have to recall that the last print saw a huge 300K+ number. Not many analysts are expecting such a big result this time around though, but hopefully a strong number will add to the momentum that is building in equity markets.
Meanwhile, there is also further hope on the trade talks between the US and China after Donald Trump tweeted about the progress being made.
Apart from the jobs report, the US will also release ISM manufacturing data, while there will be plenty of PMI data out of Europe today.
Forex Signal Update
The FX Leaders Team finished yesterday with two winning signals from four trades to close out the month.
GBP/USD – The pound is still pushing higher, despite the most recent pullback. As long as it can hold a higher low, this is still a candidate for a buy.
Gold – Active Signal
Gold has been making new highs since taking the 1300 level. We are looking for another short here, on a quick retrace.
USD/CAD – Active Signal
The USD/CAD has sold off sharply over the course of the year thanks to risk-on being back in style. We are looking for a continuation of that trend with a short signal.
Cryptocurrency Update
Bitcoin continues to push towards the $3,300 level and just can’t bounce.
News yesterday, that the bid for a BTC ETF is back on led by the CBOE. Most believe the SEC won’t approve it, given the murky nature of the holdings. Time will tell. Either way the news didn’t lift Bitcoin.
I’m still watching the $3,000-200 area, as a price target on a quick dump.
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