Forex Signals Brief for Nov 12: UK Employment in Focus
Rowan Crosby • 2 min read
The main focus of today’s European session will likely be back in the UK with data on the state of the jobs market.
UK employment has been an interesting one of recent times, with employment currently sitting at record high levels. Generally speaking that’s a solid recipe for economic prosperity, however, there are still some underlying worries.
Notwithstanding the fact that the pending UK elections and Brexit continue to hang over the heads of the country, it is wages that are still a little bit on the soft side.
In fact, wage levels remain at lower levels than more than a decade ago. Relatively speaking they are still under pre-GFC levels. A reason for this is that there is a mentality in the UK at the moment of ‘Feel poor, work more,’ according to a recent report. That suggests that people are simply working harder to try and make the same type of money they were getting in years gone by and that in fact is not a great sign.
Nevertheless, the focus will be on the GBP/USD today, with the state of wages being one of the big factors to look out for.
Forex Signal Update
The FX Leaders Team closed the one signal in GOLD for a win, in a quiet start to the trading week.
AUD/USD – Pending Signal
The AUD/USD has run into resistance at 0.6900 and has been since selling off. We are short here and closing in on our take profit target.
USD/JPY – Active Signal
The USD/JPY has bounced nicely and this one will hopefully have some more upside. We are long looking for the longer-term trend to hold.
BTC has once again cracked under the $9,000 and this time around things are looking far more bearish.
Price has again honed in on the $8,700 level on the back of the recent false break. In fact, price has fallen away even more and I suspect we could be in for a further sell-off.
Often times a first attempt won’t hold, but when the bulls can’t hold it up, the floodgates open. $8,000 looms as the obvious downside target if price cannot reclaim $9,000.