Forex Signals Brief for Mar 18: Flight to the Greenback Continues
Rowan Crosby • 2 min read
US Market Wrap
As the uncertainty around the world only grows by the day, it appears to be the Greenback that is the one that keeps attracting significant flows of money.
Overnight, equity markets bounced with the SPX appearing to hold the 2,400 level. Meanwhile, the US Dollar Index has risen sharply in recent days and is back trading at highs that we were seeing prior to the crisis.
There is also speculation that the initial fall in USD was on the back of Bernie Sanders gaining traction, but since that point, Joe Biden is shaping up as a front-runner after some further primary wins.
We are still seeing money moving away from GOLD which is interesting and clearly it is not the safe-haven that many had hoped it would be.
As has been the case, the economic data being released is both lagging and also not all that important as sentiment is king in every session at the moment.
That said, we do get some inflation figures from Europe as well as building permits in the US. WTI inventories will be out later also, but given where price is currently sitting, they will have less of an impact than usual.
Conditions remain excellent for traders so keep a close eye on the news feed and be sure to follow our live signals for the opportunities that are being presented on a daily basis.
Forex Signal Update
The FX Leaders Team have had six straight winners this week, highlighting the great opportunities we are seeing currently.
Gold – Pending Signal
GOLD continues to fall and it’s not being helped by the strong bid in the USD at the moment. We will be looking for opportunities to the short side in the yellow metal for the time being.
SPX – Watching
The SPX looks to have held the 2,400 level, as price has rebounded nicely. Is this a bottom we are seeing?
BTC looks like it is really holding the $5,000 level for now and this could be a real short-term bottom.
Bitcoin has fallen 50% so there is some room for value buying here, but clearly there must be question marks around given how quickly prices dumped.