It certainly appears that the week ahead will be one of the biggest of recent times. Fresh on the back of US President Trump’s tariff attack on Mexico, we are headed into a week with multiple central bank decisions and the ever important US jobs report.
The SPX had a shocking month in May and is already on the back foot to start June with futures and Asian markets in the red.
The two key central bank announcements this week, will be from the RBA and the ECB. It is widely expected that the RBA will cut rates, however, the ECB doesn’t have all that many levers left to pull so that will be a wait and see proposition.
On Friday, arguably the biggest event for the month will come from the US non-farm payroll report. Jobs have been the one shining light in the US economy of recent times so equities, in particular, will be hoping for a solid result and upward of 183K jobs which is the expectation from economists.
Traders will likely be looking for some more risk-off follow through on Monday, so keep an eye on GOLD and the USD/JPY in early trade. We do sometimes see a big reversal after a sharp sell-off, so be ready for anything when Europe and the US open for the week.
Forex Signal Update
The FX Leaders Team finished with 13 wins from 18 signals for a 72% win rate a solid performance.
AUD/USD – Closed Signal
Our AUD/USD has been grinding its way higher and has really bounced off the 0.6900 level, despite all the negative headlines and weak fundamentals. That was a bullish sign for us and we closed this at our take profit just ahead of the Chinese data this morning.
GBP/USD – Active Signal
The GBP/USD has fallen away, but spiked sharply into the 1.2600 region, before bouncing. This is a good sign for a long entry in what is a buy-the-dip type trade.
BTC is once again back trading below the $9,000 level but still holding up relatively well.
If you recall, price dumped as low as $8,000 in a mini-crash, before rebounding strongly and pushing back up towards the highs.
For now, price has stabilised and is consolidating around the $8,600 level. The fact that $8,000 continues to hold, is a really bullish sign for me and I suspect we will get another test of the highs in the coming weeks. Whether it has the buying power behind it to break out will be another question though.