US Market Wrap

The US session started in typical fashion with the NASDAQ rallying, however, late in the day, the sellers turned up.

Earlier, the SPX tagged record highs, before the NASDAQ led the charge lower. The moves came as it was announced that California would be re-introducing restrictions on the likes of restaurants and cafes, in a bid to stem the spread of COVID.

Clearly, the world has not got the situation under control just yet as the number of cases around the world has now topped 13 million.

The Data Agenda

It appears to be a very busy session in Europe today with a host of top-tier data releases on the agenda.

Early on the attention will be firmly focused on the UK as we get the latest jobs data. It’s expected that we are still going to be seeing jobs contract, however, we must note that this is data from May. While claims will be from June.

At the same time, the GBP/USD will be watching for the latest GDP release, while industrial production is also coming out.

Over to the EUR/USD and the main data point will be ZEW economic sentiment which is still a little soft. We also get to see industrial production for the Eurozone which is rebounding slightly.

In the US, and the key release is going to be CPI which shuold be around 0.1% for the month of June. 

Clearly, sentiment remains king at the moment, so we will need to see how markets respond over the course of the day. Will the bounce come, or will the worries finally weigh on markets?

Forex Signal Update

The FX Leaders Team hit 3 wins from 5 trades fresh of a week that saw 21 winners from 25 trades and an 80% win rate. 

If the selling ramps up, keep watching the forex signals page as volatility will increase.

USD/JPY – Active Signal

The USD/JPY could be back in play as fears grow. We’re short here looking for more flows towards the JPY.

EUR/CHF – Active Signal

The EUR/CHF has broken out of the downtrend and is now pushing higher. We’re long looking for upside after this technical break.

Cryptocurrency Update

BTC is still range-bound, with not much to speak of by way of volatility.

Price is trapped between $9,500 and the $9,000 level below and at this point, we are waiting for something to happen.