Forex Signals Brief for Aug 17: FOMC Minutes in Focus
Rowan Crosby • 2 min read
US Market Wrap
US markets were somewhat mixed to close out the trading week and it was still the focus on the Government stimulus, or lack thereof, that was the story.
While both sides of the Goverment continue to battle it out over further stimulus, markets appear to be taking a wait and see approach.
At the same time, the jobless situation does appear to be turning around slowly and this week could mark an important one on that front as we finally see new claims falling under the 1 million mark.
The Data Agenda
The real focus of the week ahead is on both the monetary and fiscal stimulus issues that we’re facing.
This week, we will see the minutes of the ECB, RBA and FOMC, with none of them really all that keen to add anything new to the mix. They have all been claiming they have done a lot of the heavy lifting and it is now over to the respective Government’s to try and add to the fiscal stimulus mix. Which as we’ve seen in the US, is always easier said than done.
Elsewhere, WTI could be one to watch as we get the joint-OPEC meeting, which could give some updates on the supply side of things.
Meanwhile, out of Europe, there will be a number of PMI readings that will clearly keep the EUR/USD and GBP/USD busy as the week rolls on.
Forex Signal Update
The FX Leaders Team hit 13 winners from 19 trades for a 68% win rate over the course of the week.
Make sure you follow our live signals as the week ahead looks like it could be a big one.
USD/JPY – Active Signal
The USD/JPY has grinding higher lately and we are long. Despite the mixed GDP print today, price is knocking on the door of 107.00.
Gold – Pending Signal
GOLD was the story of the week and tumbled under $2,000. We are looking to the short side and this little pullback might be the perfect spot.
BTC is still under the $12,000 level, however, ETH, has powered ahead and looks to be holding the $400 level.
The pullback in Ethereum could be a real opportunity for the bulls so keep watching the price action closely. ETH has really been the leader of recent weeks.