US Market Wrap

US market participants will be on holiday today as markets take a break for President’s Day.

However, while our US counterparts take a break, the same stories continue to make headlines. Coronavirus is the one of most interest at the moment, but once again the SPX doesn’t seem too worried as it closed out the week at or near record-high levels.

Health officials have suggested that the work China is doing to curb the spread is starting to have an impact, so while we all expect a hit to the global economy, things are starting to improve.

Today’s Agenda

The key focus of the week will once again be the FOMC as we get the latest minutes from their most recent meeting.

Continuing with the coronavirus theme, investors will be looking for clues as to what impact the virus might have and if that will impact the Fed’s thinking on rates going forward.

We also get a chance to see what sort of impact the virus is having in Europe with a host of data and the ECB minutes also scheduled to come out.

For those in the UK, the main event of interest is UK employment, with many hoping for a post-Brexit bounce as confidence might have finally returned.

Forex Signal Update

The FX Leaders Team finished with 4 wins from 8 trades for a 50% strike rate on the week.

AUD/USD – Active Signal

The AUD/USD has a big week ahead as we will run into both employment and the RBA minutes. There is a real chance of a surprise to the downside here as the jobless rate could well jump.

EUR/CHF – Active Signal

The EUR/CHF has finally had the bounce we’ve been waiting for. The next key point is support turned resistance above. If that can crack, this signal will be looking a whole lot more healthy.

Cryptocurrency Update

BTC has continued its battle with the $10,000 level, but for now, it looks like the bears have regained control.

I was looking for that final push to the $10,800 level, but so far price has started to make lower highs.

If price cannot regain the $10,000 level, then this might be a line in the sand on this most recent push. This becomes bearish for the entire sector, given Bitcoin is the leader, so we must watch this level closely.