Forex Signals Brief for Aug 14: Markets Can’t Break to Record Highs
US markets might have been on the verge of reclaiming their record high levels, but Thursday wasn’t going to be the day.
US Market Wrap
US markets might have been on the verge of reclaiming their record high levels, but Thursday wasn’t going to be the day.
After more back and forth between the Democrats and Republicans surrounding stimulus talks, US President Trump decided to delay the bill because of some issues with a few things that are attached to it. They include some infrastructure spending for the upcoming election.
It wasn’t exactly market-moving information, but it prevented the SPX for reclaiming the highs on the back of a better than expected US jobless claims number.
The Data Agenda
There will be more attention on the US economy on Friday as we look to the latest release of retail sales.
The July number is still looking like it is going to show growth, despite many areas of the country not fully open for business at this stage.
Early in the European session, there are a couple of second-tier prints, but the main one for EUR/USD traders is likely Eurozone GDP, which is suggesting the economy is in a pretty ugly position at the moment. Although we already knew that.
Forex Signal Update
The FX Leaders Team hit 3 winners from 4 trades yesterday, as the guys put together a solid week.
EUR/GBP – Active Signal
The EUR/GBP has been rotating around the 0.9000 level recently despite a bit of a push higher. We are short looking for price to fall away.
Gold – Pending Signal
GOLD has been the real story of the week in my opinion and despite the retrace, we are still hunting a short position.
Cryptocurrency Update
BTC managed to pullback towards the $12,000 level yesterday, however, the big story is ETH, which is once again breaking out and through $400.
If you recall, it was Ethereum that lead the breakout last time around as well and for me is the clear leader at the moment.
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