Forex Signals Brief for Jul 10: COVID Weighing On Sentiment
US Market Wrap
Flows into the safe havens were the order of the day yesterday, as more worries about rising COVID-19 cases dented investor optimism.
Interestingly, we saw money flowing towards the USD and JPY, however, the NASDAQ didn’t quite follow suit and printed yet another fresh record high.
At the same time, we saw a bit of a better jobless claims number, with the number of new claims falling to 1.3 million and beating expectations. While continuing claims have also started to fall.
WTI was a little on the soft side as well, as we are seeing risk-off starting to gain some traction headed into the weekend.
The Data Agenda
It has been one of the quietest weeks we’ve had on the data front for a while and that won’t change as we end the week.
The main event of note will come in the US session, with the release of US PPI. We are expecting to see 0.4% for June which is in keeping with the prior month.
Then over to Canda for the release of their jobs report and we are staring down a 700K increase in jobs in June, which is a nice rebound. We’ll be keeping a close watch on the USD/CAD today as the moves in oil and the jobs report could see some volatility today.
Forex Signal Update
The FX Leaders Team found 1 winner yesterday, to make it 12 straight as we look to close out the week with a very strong result for our followers. Keep watching the forex signals page, as there should be some volatility ahead today.
USD/CAD – Active Signal
The USD/CAD has been trending lower recently but rebounded yesterday. We are short, looking for another push lower.
EUR/CHF – Active Signal
The EUR/CHF has broken down as we hoped it would based on the bearish chart pattern and it is getting very close to our take profit now.
Cryptocurrency Update
BTC has fallen sharply overnight after pushing as high as $9,500.
As I’ve been saying, price is following the risk trade at the moment and as markets look a little shaky early on Friday, we could see some more selling in the key crypto’s as we head into the weekend.
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