Forex Signals Brief for Jan 10: US Employment Back in Focus
Rowan Crosby • 2 min read
US Market Wrap
It appears any US-Iran fears continue to get pushed to the backburner as markets keep doing what they do best and simply push higher.
The SPX once again pushed into record territory after a rocky start to the new trading year.
Meanwhile, the UK Parliament has also rubber-stamped the Brexit deal, paving the way for an exit by January 31, if everything continues to go to plan.
After a week filled with missile attacks and geopolitical events, we can finally get back to some fundamentals and key economic data.
Of course, the focus today is purely on the US employment report. We are expecting to see a slight move lower, towards 164K new jobs, which is a change from last months 266K.
Nevertheless, given the time of year and the solid positive result, this is still something worth being bullish about. Any small beat here will very likely see markets continue to push higher and spur on the risk trade.
We also get the Canadian report so keep an eye on the USD/CAD.
Forex Signal Update
The FX Leaders Team finished with 2 wins from 5 signals as the volatility continues.
EUR/GBP – Active Signal
The EUR/GBP has been holding nicely under key resistance and we are once again short here looking for some more downside. So far, so good.
USD/CAD – Pending Signal
The USD/CAD has been volialte this week and that won’t be changing today ahead of the jobs report. We are currently looking for a short position.
The BTC rally appears to be losing steam after falling back under the $8,000 level.
Price tried to push back up to $8,000, but the buyers ran out of steam, in much the same fashion as we’ve seen with other safe-haven trades.
There is still room to find a short here as price doesn’t appear to have the upward momentum anymore.