Trade sentiment is unaffected in the US

Forex Signals Brief for July 1: Trade and Jobs Remain the Key

Posted Monday, July 1, 2019 by
Rowan Crosby • 2 min read

It was a huge weekend for world markets and we open the week with a fair bit of positivity in the air.

All the news was surrounding the G20 in Japan, where the US and China were able to agree to start re-engaging with trade negotiations. Both President Trump and President Xi were positive that there could be some ‘concrete’ developments ahead, however, the Chinese media were less than impressed as I pointed out earlier today.

As a result, we’ve seen SPX futures open the week in the green, while there has been some unwinding of risk-on assets such as GOLD and the USD/JPY.

Putting the trade wars to the side, the other big development this week will come on Friday as we get another US jobs report for the month of June. If you recall, last month was very disappointing and was arguably one of the reasons Fed boss Jerome Powell came out with an increasingly dovish tone.

Another poor result would all but assure markets that the FOMC will cut at its next meeting. That said, money markets are already pricing in a cut as an almost done deal.

Today the calendar is surprisingly busy with a fair bit of data out during each of the remaining sessions. We get German employment data today, which will weigh heavily on the EUR/USD should it disappoint. The UK will be releasing Manufacturing PMI so GBP/USD traders will need to watch that closely. While we get ISM manufacturing during the US session as well.

Overall, it looks to be a busy start to the week for forex traders, with some positive sentiment around giving markets a bit of a lift.

Forex Signal Update

The FX Leaders Team finished the week with 16 wins from 18 trades in what might well have been the best week of the year for the boys. If you are looking to get live forex signals, rest assured the team are in good form at the moment.


Gold – Pending Signal

As mentioned, GOLD has opened the week lower after trade talks have taken a turn for the better. While price remains under the key $1400 mark, we will be looking for opportunities to the short side. If price can reclaim that level our bias will likely turn back long.

Gold – 240min.


EUR/GBP – Active Signal

The EUR/GBP remains in a longer-term uptrend which has been ongoing for around two months now. The play here is to really buy pullbacks and look for another leg higher. There is a bit of data out today for both the EUR and GBP today so this one could move.

EUR/GBP – 240min.


Cryptocurrency Update

BTC has had a week to remember to say the least, but at the moment is back around the $11,000 level.

There’s so much retail interest coming back into it at the moment, that searches for ‘Bitcoin’ are now back above those for ‘Jesus.’ The last time that was the case was when price ran into all-time highs, before the subsequent crash. Which might be telling us something.

We still have to remain bullish for the time being in my opinion, despite the fact that we appear to be making a series of lower highs at the moment. If price continues to hold $11,000, this might be an opportunity early in the week.

BTC – 240min.
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