Forex Signals Brief for Feb 7: US Jobs in Focus
Rowan Crosby • 2 min read
US Market Wrap
US stocks gained for a fourth straight session on Thursday as Wall Street once again hit record highs.
China’s decision to cut tariffs on some imported US goods helped lift sentiment and we also saw some more upbeat earnings reports.
While the coronavirus is still making headlines on a daily basis it appears the SPX isn’t too worried at the moment. Even the Greenback has started to join in the party as the rally across the board continues.
Despite the positivity in the air, the main focus is still on Friday’s US jobs report.
The expectation today is that we will see 160K new jobs created last month, which is again another improvement on the prior. The US jobs situation continues to go from strength to strength and at this stage, it appears there is little fallout from either the US-China trade wars (that have cooled for now) as well as the coronavirus. However, time will tell.
We also get a look at the Canadian employment report so the USD/CAD will be in-play. While there is some more second-tier European data from Germany, so there might be some small EUR/USD moves.
Forex Signal Update
The FX Leaders Team finished with the one winning signal from one trade in GOLD.
NZD/USD – Active Signal
Our NZD/USD signal remains very healthy and I suspect we will hit the take profit target shortly. There could be even more downside ahead if support breaks so this might be one to scale out of instead of being all out straight away in a bid to collect a larger share of any down move.
EUR/CHF – Active Signal
The EUR/CHF signal hasn’t moved too far in reality but appears to be holding up for now. Let’s see how this one goes headed into the weekend.
It looks as though BTC will be testing the $10,000 level any time now.
This has been on the cards after the shock bounce a few days ago, that really surprised me to the upside. Given that it keeps holding key levels I feel we could test that mark today.
I don’t think price will hold, but I wouldn’t be shorting until we see how price responds to the first attempt.