Forex Signals Brief for Apr 9: Markets Focus on Jobless Claims
Rowan Crosby • 2 min read
US Market Wrap
US Equity markets closed the session with a hint of optimism in the air and now the question becomes, will that continue into the holiday weekend?
With the Easter break upon us, there is some change investors take some risk off the table given the nature of what the world is facing at the moment.
On the flip side, there is hope that the curves around the world are flattening and the rate of those people being infected and dying will reach a turning point next week. This is bullish for the market, the economy and everyone in reality.
Thre is a bit of data due out today and while not the most important thing to be aware of at the moment, we should keep watch particularly with the jobs data.
The ECB minutes will be released and while this is likely not market-moving information, given we pretty much know what it says, keep an eye on the EUR/USD.
Meanwhile, in the UK we get GDP and Manufacturing Production data, which will both be soft, but in truth, are still lagging at the moment. So the GBP/USD will remain focused on the PMs health for the time being.
The big one for today though will be US jobless claims, with the expectation of another ugly number. Anything over 5-6 million could be a reason for another sharp sell-off in equities, so this is really what we must pay attention to as we end the week.
Forex Signal Update
The FX Leaders Team didn’t close any signals yesterday and our open positions are ticking along quietly at the moment.
GBP/USD – Active Signal
The GBP/USD has been steady for now as PM Johnson’s condition improves. It’s also worth tracking the oil price as well as we know there is a correlation between the Pound and Brent.
SPX – Watching
The SPX has regained some ground but for me, the all-important turning point is when it can take back the 200-SMA on the daily chart. This is the line in the sand that many investors and traders use to determine who is really in control. A lot of traders liquidate under that mark which is currently 2,900. As we can see, the sharp selling took place after price broke through and held.
BTC is in a really nice technical uptrend at the moment as is still holding the $7,000 level.
What’s interesting is the fact that Bitcoin is really pushing higher in correlation with risk assets. So like I’ve said before, it is no safe-haven at the moment.