PMIs are key

Forex Signals Brief for Aug 3: US Jobs in Focus

Posted Monday, August 3, 2020 by
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. 

Unfortunately, for a number of the majors, such as the EUR/USD and AUD/USD those big gains were all given back after a big reversion.


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.

NZD/USD – 240min.


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.

DAX – 240min.


Cryptocurrency Update

The cryptos have seen a bit of a wild ride over the past few days, with both BTC and ETH breaking higher, before retracing sharply.

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.

BTC – 240min.
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