Forex Signals Brief for Jul 7: The Risk-On Trade Stays Strong
Despite the ever-increasing number of COVID cases across the US and the world, US equity markets continue to buck the trend.
US Market Wrap
Despite the ever-increasing number of COVID cases across the US and the world, US equity markets continue to buck the trend.
The NASDAQ, in particular, continues to push into fresh highs and so far the risk-on trade is not really all that concerned about the negative headlines. We are seeing the same type of thing with the AUD/USD and to a lesser extent the EUR/USD.
Yesterday, there was some improved data with ISM non-Manufacturing PMI beating analyst expectations which has been a trend lately. For the most part, investors were bullish on the back of their holiday weekend.
The Data Agenda
The data is going to be pretty thin throughout European trade this morning and we have only a couple of other things to watch out for in the US session.
While JOLT job openings are scheduled for release today, I don’t feel this is ever a big market mover, simply because it comes days after the official US jobs data.
In Canada, the USD/CAD might respond to Ivey PMI, but otherwise, it will be another session reliant on sentiment.
Forex Signal Update
The FX Leaders Team hit 3 winners from 4 trades yesterday, as we started the week strongly.
Make sure you follow our live signals as the week is building nicely.
EUR/GBP – Active Signal
The EUR/GBP bounced off 0.9000 which was right on cue. We’re looking OK here as we are long ahead of the move.
EUR/CHF – Active Signal
The EUR/CHF has been holding this downtrend as we can see on the chart, but this one is delicately poised. We’re short looking for it to hold.
Cryptocurrency Update
There’s still not a lot for us to hang our hats on when it comes to BTC. The $9,000 level held yet again and price has broken back above $9,250.
Again the risk trade and equities have dragged it higher, so it’s a matter of watching and waiting for an opportunity.
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