Forex Signals Brief for Oct 20: Building Permits Ahead
Rowan Crosby • 1 min read
US Market Wrap
US markets opened the session higher, but couldn’t hold onto those gains as more political worries weighed heavily.
As has been the case in recent times, the lack of progress on any stimulus is keeping a lid on markets and that will likely be the case going forward.
The Data Agenda
Data is on the thin side once again today and the main area of interest will likely be US building permits.
With record-low interest rates around the globe, there is the risk of asset bubbles forming as money is already starting to flow into real estate. This will be highlighted again as building permits in the US will keep on ticking higher according to projections.
The EUR/USD will pay some attention to German PPI, but otherwise, the calendar is threadbare at the moment.
Forex Signal Update
The FX Leaders Team finished with 3 wins from 3 trades as volatility increased with risk assets falling.
EUR/CHF – Active Signal
The EUR/CHF is trending lower as we can see on the chart and we remain short as interest in the CHF remains elevated.
USD/JPY – Active Signal
The USD/JPY has popped above the 105.50 level, however, there are plenty of sellers still present. We remain short here looking for a reversion.
As expected, BTC has broken out of the triangle formation and popped higher. Interestingly, risk-assets have been falling, but we’ve seen a break with the recent correlation here.
I am still expecting the $12,000 level to be tested.