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Forex Signals Brief for Apr 2: Jobs Remain the Focus

US Market Wrap

Wall Street put in a red session yesterday in what was another volatile day on world markets.

After a period where prices had been bouncing, the SPX dumped another -4% as the upside now appears to be short-lived. At the moment, no one can really predict what will happen to the economy and the clampdowns are only growing.

But the one thing that we know for sure is that jobs are being impacted. Yesterday, the unofficial ADP jobs number saw a contraction, but surprisingly it wasn’t as bad as many though.

We saw -27K jobs created (or lost), but the experts had expected a -150K fall. So this was a positive. As we head to the non-farm payroll number on Friday this will be one area to watch. Because as we know, if there are no jobs, there is no economy.

 

Today’s Agenda

Keeping with the jobs theme for the time being, today’s jobless claims will be the must-watch event of the session.

The expectation is for 3.5million new claims to be made, which is a staggering jump. Some economists think this number could even balloon to 5.5 million. But as mentioned, this is what we expect if businesses can’t operate.

Elsewhere, the GBP/USD will feature as well as we look to construction PMI.

But as I have been saying, outside of the US jobs data, I think it is vital to continue to trade with the momentum of the session at the moment as that is where the real opportunity lies.

 

Forex Signal Update

The FX Leaders Team closed one signal yesterday for a win, in what was a volatile session.

 

GBP/USD – Active Signal

We are still short the GBP/USD and as we can see the 1.2500 level, is holding up as key resistance with our stop just on the other side. This is a really nice risk/reward play.

GBP/USD
GBP/USD – 240min.

 

SPX – Watching

The SPX faces an interesting test this week as we have those important jobs numbers coming out. We also know, President Trump is expecting a rough two weeks in the US on the virus front so this will surely weigh on sentiment.

SPX
SPX – 240min.

 

Cryptocurrency Update

For me there is little to report on for BTC at the moment as price is trapped between $7,000 and $6,000.

We did see a sharp jump in price which would indicate buyers, but as I’ve been saying, wait for the break.

BTC
BTC – 240min.
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Rowan Crosby
Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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