The UK economy is close to contraction

Forex Signals Brief for Mar 19: UK Labor Market Figures Up Next

Posted Tuesday, March 19, 2019 by
Arslan Butt • 2 min read

Recently, the Reserve Bank of Australia released the Monetary Policy Meeting Minutes. The RBA was widely expected to leave the official cash rate at 1.50% at its latest meeting, unchanged yet again.

As per the policy minutes, the global economy had expanded above trend in 2018, although it had lagged in the second half of the year. Yet, concerns over global economic growth remain in the limelight and the RBA hasn’t revealed about their next rate hike.

Besides this, the UK labor market report is on the radar. Economists are expecting a mixture of releases but it going to be worth trading today. I will discuss it further in the economic events outlook briefing.

Forex Signal Update

The FX Leaders Team started the week with 3 winners from 4 trades on Monday for a win rate of 75%, which a good start of a busy week.

EUR/USD – Active Signal

Our EUR/USD signal continues to survive as there is certainly a strong bullish trend which is supporting the pair around $1.1337. We have low to medium impact economic events like German ZEW Economic Sentiment and Italian Trade Balance which may drive some volatility in the market today.

EUR/USD – 240min.

USD/JPY – Active Signal

The Japanese Yen has been weaker this week against its peers over dovish remarks from the Bank of Japan Governor. We are in a buying trade and the USD/JPY pair is testing the lower boundary of a bullish channel. That’s providing it immediate support around 111.200 while a bearish breakout can lead it towards 110.800. While there’s a strong probability of bullish reversal 111.200.

USD/JPY– 240min.

Cryptocurrency Update

BTC/USD violated the strong resistance at $4,000 during the weekend trading. After showing a bullish momentum, BTC/USD has once again entered the sideways/ choppy market. The immediate support prevails around and the bearish breakout could break it towards $4032 and $3960.

BTC/USD– 240min.

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