Forex Signals Brief for Feb 8: China Worries Come Back Again
Rowan Crosby • 1 min read
Markets have started to see a few cracks appearing as the US-China trade deal looks to be on shaky ground.
Yesterday, White House advisor Larry Kudlow, suggested the US and China are still a way off on negotiating their deal as the deadline approaches.
That has put risk assets under pressure, with Oil and Equities falling sharply. At the same time, the USD has held up well and continues to push higher.
Today the calendar is thin, with employment data out of Switzerland and Canada being the main events of interest.
Forex Signal Update
The FX Leaders Team finished with 4 winning signals from 6 trades in what was a busy day for the guys.
[[Oil] – Oil has had a sharp sell-off on the back of the trade tensions, however, as we are still above the $50 level we are still biased to the long side.
USD/CHF – Active Signal
The USD/CHF has been pushing our way which is pleasing, however, we do have the employment data tonight which will impact this pair.
AUD/USD – Active Signal
The AUD/USD has had a busy week to say the least, and there were more RBA headlines today with the GDP forecast being revised lower to 2.5% from 3.25%. This sent the AUD/USD tumbling and we are short looking for some follow through.
Bitcoin remains on or near its recent lows and is still below the $3,400 level. There is still low volatility and little fresh news flow so we will sit and wait for the time being.