Forex Signals Brief for Feb 14: German GDP in Focus
Rowan Crosby • 2 min read
US Market Wrap
As has been the case over the last fortnight, coronavirus continues to make headlines, but markets keep on shrugging off the news.
The outbreak is reaching bigger levels by the day, but we are getting the same muted response from both the SPX and the Greenback, which do the same thing most days and grind higher.
We also saw a slight uptick in inflation data out of the US as well as more positive jobs numbers, so despite the negative headlines, there might be a reason markets keep on heading upward.
While it’s been a quiet data week in Europe, we have some important numbers hitting the wires today that will be market moving.
The main one in Europe will be German GDP which is expected to show very soft growth at only 0.2% YoY. This is a worrying number and one that the Government would not want to see slip into negative territory.
We also get GDP out of the Eurozone, so the EUR/USD will be in for a busy session. In US hours retail sales will be the focus as we head towards the weekend.
Forex Signal Update
The FX Leaders Team didn’t close any trades yesterday but have a number of open positions.
AUD/USD – Active Signal
The AUD/USD continues to hold the downtrend and I am expecting to see another test of support. With the Greenback remaining strong here the Aussie is under pressure.
USD/CHF – Active Signal
The USD/CHF has been slowly grinding higher on the back of a strong Greenback. We are short thinking that a short retrace is due.
BTC looks like it is stair-stepping higher and is still holding well above the $10,000 level.
As mentioned yesterday, the $10,800 level, is my next key level and I feel we will see a push into that region.
We, of course, get resistance and support at the round number levels and halves, but until this uptrend breaks, we must remain bullish and looking to buy pullbacks and breakouts.