Forex Signals Brief for Jan 31: Eurozone CPI & Brexit Ahead
While the focus remains on how China is dealing with the coronavirus, we again will look to the fundamentals and see what is happening.
US Market Wrap
US markets were once again focused on China and the coronavirus, however, there was some positive news that markets liked.
Word came out from the World Health Organisation, that they felt, ‘China is actually setting a new standard for outbreak response.” That was seen as a real positive for markets and the overall outlook and markets rallied as a response, with the SPX finishing in the green. That said, the US did come out with travel advisory telling people to not go to China.
We’ve also been seeing some solid results during US earnings season, with the likes of Amazon and other key names, beating on top-line earnings.
Today’s Agenda
While the focus remains on how China is dealing with the coronavirus, we again will look to the fundamentals and see what is happening.
The main event in Europe will be the Eurozone CPI release. As we can see there is a slight uptick to 1.4%, which while still away from the ideal target which would be above 2%.
We are also closing in on the official Brexit deadline, so we will continue to watch the fallout with the GBP/USD today and of course on Monday.
Forex Signal Update
The FX Leaders Team finished with 2 wins from the 3 trades for another solid session.
Gold – Pending Signal
GOLD remains relatively well bid on the back of the coronavirus, but things are changing on a day by day basis. So we are looking to trade with the momentum of the session.
EUR/CHF – Active Signal
The EUR/CHF has had a busy 24 hours but appears to be making a higher low so that is a positive for our signal.
Cryptocurrency Update
BTC continues to look very bullish as it has now held the $9,000 resistance level and more recently the top of the consolidation area at $9,400.
I’m starting to think we could really see another test of the $10,000 level in the coming few sessions as that level will be a huge magnet.
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