Forex Signals Brief for Aug 3: US Jobs in Focus
Rowan Crosby • 2 min read
US Market Wrap
US equity markets ended the week on a positive note, thanks mostly to a strong tech sector continuing to lead the way.
As equities and risk assets keep watching the US earnings season, the likes of Apple are outperforming during difficult times. That is helping keep risk assets bid up strongly, while also weighing on the USD.
The Data Agenda
The week ahead looks to be a very busy one, which is a nice change of pace. The highlight is likely to be the US non-farm payrolls, due out on Friday.
While the numbers aren’t pretty, this has been a number that has surprised to the upside. In conjunction with Thursday’s jobless claims, the hope will be for some progress.
At the same time, we are also going to be watching the US Government as they continue to try and find a way to help support the economy, with a stimulus package. This has been slow going, but progress is being made.
For the majors, both the Aussie and GBP/USD will be watching the RBA and BOE respectively as they hold their monthly meetings. While no change is likely, the outlook will be of interest to traders.
Today, the week will start with plenty of action as we get a look at a host of PMI data releases from Germany, the UK and finally the US.
Forex Signal Update
The FX Leaders Team finished with just the 4 winners last week in what was a quiet one on the data front and some choppy price action.
NZD/USD – Active Signal
The NZD/USD has been a strong performer over the last few weeks and we are long on this pullback.
DAX – Active Signal
The DAX is off the uptrend, but still bullish. We are long and there is still plenty of support here, especially around 12,000.
Price tagged $12,000 before tumbling back to earth in Bitcoin. Price action is tricky to trade at the moment as volatility is high – but there is support at the current level of $11,000.