Forex Signals Brief for Aug 13: Markets On the Verge of Record Highs
Rowan Crosby • 2 min read
US Market Wrap
US markets drove higher yesterday and it was the S&P 500 that is now within reach of record highs.
In some ways, there wasn’t really any catalysts for the buying interest in US stocks. There’s still no deal on further US Government stimulus and the number of new COVID cases continue to increase.
At the same time, GOLD did manage to recover some of its losses from yesterday, while WTI was also higher. SILVER on the hand wasn’t as lucky.
The Data Agenda
The data is a little light today, but there is one release that everyone will be watching. Of course, I’m talking about US jobless claims.
As we know, the stimulus for many US workers was cut at the end of July, and so far that hasn’t been matched with anything new. As it stands there is the expectation that we are going to see another 1.2 million new unemployment claims. This number has not been falling quickly but the trend is in the right direction.
Outside of the US jobs number, we will also see German CPI data which will impact the EUR/USD. Otherwise, the focus will once again be on the sentiment of the session.
Forex Signal Update
The FX Leaders Team hit 1 winner from 3 trades yesterday, in what was a relatively quiet session for the guys.
SPX – Watching
The SPX is back just under record-high levels and in the same area as it was pre-COVID. Despite what is going on in the world, US stocks are bullish.
Gold – Pending Signal
GOLD has been tumbling and despite a small bounce, we are still hunting a short signal here.
BTC received some ground yesterday and is still holding between the $11,000 and $12,000 levels.
The risk on sentiment helped things and I think that will be the key leading indicator for the time being].