Forex Signals Brief for Jun 30: Markets Continue to Consolidate
Rowan Crosby • 2 min read
US Market Wrap
US markets continued the up and down price action that we’ve seen lately with risk assets opening the week green.
The SPX finished higher on the back of a better than anticipated housing result, while the Greenback was also up with WTI also pushing higher.
Many of the majors were relatively subdued as markets weigh up the fallout from increasing COVID cases across the US as well as the monthly and quarterly flows which can sometimes distort the price action.
The Data Agenda
After a bit of a dry spell, there will be plenty of data and other information today for markets to focus on.
Early on we look to the UK for the release of GDP data, which is expected to show a contraction in Q1 so we will be watching the GBP/USD. Then over to the Eurozone and the EUR/USD, where we will be looking out for a relatively flat CPI print.
During the US session, there is also a monthly GDP number out of Canda today which is going to show a very ugly looking contraction, so the USD/CAD could be in for some early moves.
While much of the attention will be later on as we look to consumer confidence in the US, then over to more from FOMC boss Jerome Powell and his testimony. Although we have a snapshot of his thoughts already.
Forex Signal Update
The FX Leaders Team hit 2 winners from 4 trades yesterday, for a 50% strike rate to get the week underway.
Gold – Pending Signal
GOLD looks to be still coiling right under that key $1775 resistance level, and could be on the verge of another test of that point. We are hunting a long here.
EUR/USD – Active Signal
The EUR/USD has been pulling back but was on the move higher yesterday. We are long here looking for some upside.
Very has little has changed with BTC in a number of days as price is now holding under the $9,250 level.
There is still support at $9,000, but overall price is a little on the soft side at the moment.