Forex Signals Brief for Mar 15: Eurozone CPI in Focus
Rowan Crosby • 2 min read
The Brexit deal has been dominating trading discussions all week, with predominantly the UK side of things being the major point of conjecture.
Today we turn the attention back to the Eurozone, where we take a look at CPI which will paint a clearer picture of exactly how things are travelling.
The Eurozone has been in trouble for a number of years, really dating back to the Greek debt worries that started the ball rolling. Since that point, we’ve seen interest rates cut to zero and even now that seems as though it is still too much for the economy to handle.
Today’s CPI is expected to be 1.5% YoY which is still well below the target band of 2-3% and highlights the worries that Mario Draghi and his men continue to face. There is not much data of note today however, the US will see JOLT job openings and Industrial Production.
Forex Signal Update
The FX Leaders Team finished with one winner in gold in what was a quiet session for the guys.
EUR/USD – Active Signal
Our EUR/USD signal has finally found some traction as price has reversed back to the 1.1300 level. As mentioned CPI data today will be important and a weak number will help us here.
Gold – Active Signal
Gold has pulled back below the 1300 level, but not enough that we shouldn’t expect a bounce. We are long looking for a bit of buying to come back in.
Bitcoin continues to hold around the $3,800 level and below $4,000, with little movement in either direction.
News overnight that the CBOE is looking to end their BTC futures contract. Effectively giving up control to the CME. What we have seen is volumes decline by 80% in the last 12 months, suggesting that interest is clearly declining.
The FX Leaders Team remain short and looking for more downside.