US Market Wrap

US markets are back knocking on the door of record-high levels with both the NASDAQ and S&P 500 looking particularly strong.

Tech has really been the leader of recent times and that has seen the NASDAQ lead the COVID recovery. However, the SPX looms as a big breakout candidate if these highs can be taken out.

At the same time, we saw more selling in the USD yesterday. The falling Greenback pushed the majors to see some more upside lead by the AUD/USD, while there were also gains in key commodities.

Once again it was GOLD that saw some upside, however, the yellow metal was also helped by news that Warren Buffett took a stake in Barrick Gold recently, giving the gold bugs plenty to crow about.

Meanwhile, the attention is back on the crypto world, after BTC posited a strong session and finally broke through the key $12,000 level.

The Data Agenda

Data is looking particularly thin today as was the case yesterday.

The main data point of note will likely be US building permits which is expected to show 1.320M permits issued last month, while we will also see housing starts.

There is a meeting of EU finance ministers happening as well, but I don’t know how responsive the EUR/USD will be to the proceedings.

Forex Signal Update

The FX Leaders Team hit 2 winners from 3 trades yesterday, as the guys put together a solid start to the week.

Keep watching the forex signals page as volatility will be high if equities break out which could mean more opportunities ahead.

USD/JPY – Active Signal 

The USD/JPY has been hit hard thanks to the soft Greenback. We are long looking for the quick bounce off 106.00.

Gold – Pending Signal 

GOLD is pushing back towards the $2,000 level thanks to both Buffett and a soft USD. The bias is still short under that level, but it is one to watch.

Cryptocurrency Update

As mentioned, BTC is the real story of the day after breaking through the $12,000 level.

ETH is equally strong and the entire sector could see a bullish period of Bitcoin can hold above that level, which has been troubling it for many months.