Markets are set for a massive shake-up today as a huge wave of economic data has the potential for some big moves for forex.

The highlight of the session will clearly be the FOMC interest rate decision. Interestingly though, we will also get GDP out of the US. Which is expected to show an ever-shrinking result.

GDP is one of the only weak links in the US at the moment, and this soft number is a real reason that the FOMC could well be cutting rates today by another 25 bp.

At the same time, we’ll also get a first look at the US employment situation via the ADP number. This is a good preview of the US NFP report. However, this number won’t make any impact on today’s FOMC result.

Elsewhere, the BOC also meets today which will put the USD/CAD in focus. While there is no change expected, again we need to be looking out for any guidance in one direction or another.

And first up today, we get Geman employment, which will be a bit of a driver for the EUR/USD. The German economy is not quite the powerhouse it once was and with Draghi now on the outer, the ECB will like to see some strength coming back in here.

Forex Signal Update

The FX Leaders Team finished with 1 win from 3 signals as we wait on the big action today.

EUR/USD – Active Signal

The EUR/USD will be busy today on the back of the UK Parliament approving the early election and also the German data. So far we have seen whippy action of recent times, which isn’t easy. We maintain a short position here as price has been falling away in the last week.

GBP/USD – Pending Signal

The GBP/USD could well be busy again today as the UK is headed to the polls for an early election. Thanks to their inability to get anything done, the PM is putting himself and the Government on the line in a bid to try and force a result. So far the range here is holding with support at 1.2800.

Cryptocurrency Update

BTC has really started to consolidate once again after the late news last week from China sent it flying higher.

As we can see on the chart, price is starting to make a nice flag formation here. Once again, this is classic Bitcoin price action. Coil and reduce volatility then explode.

As such, the play is once again to wait on a break of the range and go with the momentum here. $10,000 still appears to be a tough level to crack at the moment.