Forex Signals Brief for Aug 25: German Data in Focus
US markets put in an interesting session yesterday, marked by some up and down price action.
US Market Wrap
US markets put in an interesting session yesterday, marked by some up and down price action.
The SPX managed to push higher and price looks like it is trying its best to establish itself at these record-high levels.
Meanwhile, the USD, pushed lower early before recovering and as such had a big impact on the majors and especially GOLD. The yellow metal looked to be really rallying, only to give up most of its gains and end up back where it started.
The USD will continue to be an interesting trade this week, especially as we near Jackson Hole, with many expecting Fed boss Jerome Powell to adjust their inflation target.
The Data Agenda
Early in the European session much of the attention will be on the release of German data that could well impact the EUR/USD.
We get German GDP which is looking very soft at the moment followed by business climate.
In the US session, consumer confidence for August will be one to watch, while we also see more data on new home sales.
Forex Signal Update
The FX Leaders Team hit 5 winners from 6 trades for an 83% win rate to get the week started on the front foot.
If the price action continues, keep watching the forex signals page as there should be more opportunities ahead.
USD/CAD – Active Signal
The USD/CAD is still looking weak and we remain short while this trendline holds.
Silver – Active Signal
GOLD was making news yesterday, however, SILVER is in a similar type of position. We are long here looking for a bounce.
Cryptocurrency Update
ETH has managed to pull back above $400 on the back of another push higher in risk assets.
As I’ve been saying, Ethereum continues to be a real leader in the current market and is stronger than BTC at present.
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