Forex Signals Brief for Apr 24: Will European Data Remain Weak?
Rowan Crosby • 2 min read
US Market Wrap
Despite another huge set of jobless claims last week, US equity markets shook off the bad news and managed to hold steady.
The SPX was break even on the session which comes on the back of the 2.29% increase from the prior day. Interestingly, there have now been 26 million jobless claims made since the outbreak caused economies to shut down and that number is now rivalling the great depression.
The WTI market managed to climb off its recent lows of around the $13 mark and has since pushed higher to nearly $15 – depending on the product you’re watching. But nevertheless, there is still a long way back for oil price on a global level. That said producers aren’t slowing down just yet.
At the same time, the Greenback is still remaining above the key 100 level on the US dollar index and this also contributed to weakness in the likes of the EUR/USD.
Yesterday’s session was marked by a host of very soft PMI data from Europe and it is likely that the sentiment will remain bearish as we head into the weekend.
The Data Agenda
There is still a little bit more data to come today to help us round out the trading week.
Today we get German business climate data, while out of the UK there will be retail sales data due for release. There will be plenty of attention here and there is every chance of some more dire numbers.
Later in the US session core durable orders are released and that will be the final top-tier announcement as we head into the weekend.
Forex Signal Update
The FX Leaders Team had two wins from three signals as the guys found some excellent trading opportunities.
Make sure you follow our live signals as markets could get very active to close out the week.
EUR/USD – Active Signal
The EUR/USD looks like it is remained bearish after a break of the 1.0800 level. We found a nice short position yesterday and we are back in looking for more downside.
SPX – Watching
The SPX is really in a period of consolidation at the moment, between the 2,700 level and 2,900 resistance. Markets appear to be unsure as to how they should proceed, as they absorb both the soft economic data and improving the situation with COVID-19.
BTC has made a sharp push to the upside and we didn’t need to wait long for a break out of the range between $7,400 and $6,600.
I think we now have to be bullish on Bitcoin as price tried multiple times to break down, but clearly there is enough buying interest around. How far it can push to the upside is another question.