Forex Signals Brief for Oct 16: Retail Sales in Focus
US markets fell away for another session as sentiment and weak data continue to weigh ahead of the US election.
US Market Wrap
US markets fell away for another session as sentiment and weak data continue to weigh ahead of the US election.
With a few weeks to go, there is little likely to happen in terms of getting things passed and that is likely to cause problems for sentiment.
We saw yesterday that jobless claims continue to hold around that 850K level and are not able to really drop. That said continuing claims are falling, but that is likely because many people have maxed out their benefits.
The Data Agenda
Friday will end in a similar fashion to the rest of the week, with markets really just being at the mercy of sentiment.
In Europe, we will look to get CPI which will likely impact the EUR/USD, but we all know this won’t be an impressive number of years of underperformance.
In the US, retail sales data is due for release and this one is holding up quite well. A good performance here might be the one opportunity for markets to rally and the USD to fall.
Forex Signal Update
The FX Leaders Team hit 1 winner from 2 trade yesterdays, in what was a quiet session for the guys.
Make sure you follow our live signals as we still have four opens signals at the moment.
AUD/USD – Active Signal
The AUD/USD has been smashed over the past 24 hours after RBA Governor Lowe indicated the board would be prepared to cut rates further. Markets are now pricing in a rate cut to 0.1% at the next meeting in November. We’re short here as a result.
USD/CHF – Active Signal
The USD/CHF is still moving down this trendline and remain short here for the time being.
Cryptocurrency Update
BTC has slowly and surely started to make a run at these most recent highs. That is somewhat bullish, given the broader markets have been soft.
While nothing has changed just yet a break higher could see a test of $12,000.
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