Forex Signals Brief for Sep 10: ECB in Focus
After the BOC yesterday, all the focus today will be over to Europe as we get the latest developments from the ECB.
US Market Wrap
Just as quickly as they fell, markets bounced just as hard and fast.
There wasn’t much news pushing them lowe and likewise, there wasn’t a real catalyst for the rally. More of a buy the dip play lead by tech, given there aren’t many other options around.
We did hear from the BOC as well and they seem like they hare not going to be moving much more to ease monetary policy, so the USD/CAD might be one to watch going forward.
The Data Agenda
After the BOC yesterday, all the focus today will be over to Europe as we get the latest developments from the ECB.
The EUR/USD itself is also causing a few headaches for the ECB as it has appreciated significantly thanks mostly to a falling USD. When the Euro is high that puts pressure on the economy and that’s not exactly what the Eurozone needs right now.
Whether there is more room to move on rates and or stimulus is another question that needs answering, so we will be watching closely.
At the same time, Thursday means it is jobless claims that will also be worth watching. Last week we finally started to see some downward pressure here and markets will want this number to continue to fall.
Forex Signal Update
The FX Leaders Team didn’t close any green signals yesterday as the majors swung around.
AUD/USD – Active Signal
The AUD/USD bounced hard and fast yesterday, but is under key resistance still. We short looking for a pullback.
NZD/USD – Active Signal
The NZD/USD is a similar story to the Aussie and has rebounded nicely. But it too is under resistance at 0.6700 and could fall away today.
Cryptocurrency Update
While BTC has managed to hold above the $10,000 level, it looks like ETH is the one that is breaking away.
Ethereum has broken out of its consolidation pattern and is pushing higher now. Again it appears it is the leader in the space at the moment.
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