Forex Signals Brief for Aug 26: Confidence on the Slide
US markets might be sitting at record highs but confidence is still clearly very low.
US Market Wrap
US markets might be sitting at record highs but confidence is still clearly very low.
At least that’s what we saw on markets yesterday after a low consumer confidence reading came out that badly missed expectations.
For the most part, markets were relatively unchanged as we await what is expected to be an important speech from Jerome Powell at the virtual Jackson Hole summit. While there was also a hint of optimism in the ongoing US-China trade wars.
The Data Agenda
It’s a relatively quiet day on the data front, however, in the US, there will be plenty of attention on Core Durable Goods Orders.
This should be a good indicator of how the economy is fairing and will likely be the key market-moving event of the session.
Outside of that, WTI will be focused on the latest production data, but overall, we could see another quiet day as traders sit on their hands and wait.
Forex Signal Update
The FX Leaders Team hit 3 winners from 3 trades yesterday, however, we have a number of open positions at the moment. Track them all on the forex signals page.
USD/CAD – Active Signal
The USD/CAD trade has fallen our way once again and we remain short here looking for this one to break down.
EUR/USD – Active Signal
The EUR/USD has been having trouble pushing higher lately and as such we are short here looking for price to fall away.
Cryptocurrency Update
The up and down price action continues in the crypto space as both ETH and BTC dropped away.
For the time being, we will have to sit and wait and see how the other key risk assets respond.
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