Forex Signals Brief for Feb 20: ECB Minutes Await EUR/USD Traders - Forex News by FX Leaders
ECB Minutes in Focus

Forex Signals Brief for Feb 20: ECB Minutes Await EUR/USD Traders

Posted Thursday, February 20, 2020 by
Rowan Crosby • 2 min read

US Market Wrap

US traders were waiting all day for the FOMC Minutes and in reality, they didn’t really shed much new light on the situation.

The FOMC suggested their current monetary policy was appropriate “for a time” as they sat and waited to see how the current global issues were playing out.

That means that while coronavirus and other worries are present, they don’t really see them derailing the US economy or the current bull market for that matter.

The SPX put in yet another green day while the Greenback is pushing towards the 100.00 mark on the US Dollar Index.

 

Today’s Agenda

Fresh from the FOMC Minutes today we’ll be getting the release of the ECB Minutes.

In a similar fashion to the FOMC, the ECB appears to be playing a game of wait and see, however, their game has been going on for a lot longer than the Feds.

Europe continues to battle soft inflation and even after throwing everything they have at it, the problem persists. January showed CPI climbing to 1.4%, but Core CPI fell to 1.1%, so both are still a long way from their 2% target.

The EUR/USD has been getting relentlessly sold-off which the ECB would like, but we will all be interested to hear if they are prepared to take a stance and try to attack the worsening economic conditions.

 

Forex Signal Update

The FX Leaders Team finished with two wins from two signals as we build into the week.

 

GBP/JPY – Pending Signal

The GBP/JPY has pushed up into our sell zone around the 143.50 key resistance level.  So keep an eye on this one if it drops back under.

GBP/JPY
GBP/JPY – 240min.

 

EUR/CHF – Active Signal

The EUR/CHF keeps tumbling and we will keep shorting the Euro. The ECB will be important today so look for more volatility ahead.

EUR/CHF
EUR/CHF – 240min.

 

Cryptocurrency Update

BTC has tumbled under the $10,000 level and in the process dragged down 75% of the major crypto assets.

Prices plunged by more than $800 in less than an hour as some large players liquidating their long positions were to blame.

Bitcoin has been so choppy around this $10,000 level that it is difficult to get a handle on at the moment and that is making it tricky for short term trading at the moment.

Bitcoin
Bitcoin – 240min.
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments