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Forex Signals Brief for Jul 15: BOC in Focus

Posted Wednesday, July 15, 2020 by
Rowan Crosby • 2 min read

BOC Day

US Market Wrap

The US markets managed to bounce back for another session and once again the Greenback was on the decline.

Equities finished in the green for another session, a day after some thought a bigger sell-off was looming. Against a backdrop of rising COVID cases, equities remain resilient to say the least.

However, the falling Greenback is of most note to forex traders at the moment. With the US Dollar Index sitting on its lows there are a number of majors that are pushing towards their highs and could be set to breakout.

The Data Agenda

For a second straight day, the data agenda is looking pretty busy. After a less than impressive GDP print yesterday, the GBP/USD will today be looking towards CPI and PPI, with the former in particular, looking relatively steady so far.

The US secession will feature a host of second-tier data, led by industrial production with import and export data also being important. Later in the day, WTI crude oil inventories are set for release as well.

However, most of the action today is from Canada, so USD/CAD traders will need to be on their toes. Early on we get a look at CPI and manufacturing sales.

Then the main event of the day will be the BOC announcement and press conference. As has been the case with most central banks, the forward guidance and outlook is really the most important thing at the moment. With a limited chance of any rate changes in the foreseeable future, traders want to hear what the conditions might be that would see any potential changes. Although, the rate of QE will certainly be on the table today.

Forex Signal Update

The FX Leaders Team hit 1 winner from 4 trades overnight, with another winner closing out in the Asian session.

USD/JPY – Active Signal

The USD/JPY will be in-play today, thanks to the BOJ, but as usual, this isn’t always a big market mover. We’re short, holding into the decision.

NZD/USD – Active Signal

The NZD/USD has been pushing higher this morning, despite some bearish commentary from PM Jacinta Ardern. We’re short, looking for this move to retrace.