Forex Signals Brief for Oct 29: ECB and Jobs Ahead
Rowan Crosby • 2 min read
US Market Wrap
US markets were very soft yesterday as the uncertainty ahead of the US election begins to weigh heavily on sentiment.
At the same time, talk of more lockdown measures across Europe are clearly starting to frustrate both the locals and investors as there is still no end in sight.
We’re also in the midst of earnings seasons, which is so far being overshadowed by the race between Biden and Trump.
The Data Agenda
We’ve got a busy day ahead with a number of top-tier data points that will keep traders busy in both the US and European sessions.
The EUR/USD will be in focus for most of the day, with German jobs data out early, followed by the all-important meeting of the ECB. While we don’t expect any rate changes here, the outlook and any stimulus measures will be of interest.
Then over the US and we will get a look at the latest GDP reading. However, the more up to date measure will certainly be jobless claims. Last week we started to see this number drop once again and the hope is the trend will continue.
Forex Signal Update
The FX Leaders Team hit 2 winners from 4 trades yesterday, as volatility levels continue to increase.
Make sure you follow our live signals as falling prices means there’s opportunity around.
EUR/USD – Active Signal
The EUR/USD fell away along with the key risk assets, but as we can see, price is still quite range bound. We are short, looking for more weakness.
DAX – Pending Signal
The DAX has been absolutely smashed this week but price could be ripe for a quick bounce. Keep your options open for now, but a signal could be on the cards.
BTC has had a big week of gains, but they couldn’t be sustained yesterday as price fell away.
The fact that Bitcoin has bucked the trend so far has been positive and I would still be bullish. If anything this could be a buying opportunity as I suspect price will rally quickly if risk assets can turn things around.
Price held above the $13,000 level which is positive and might be a nice level to be a buyer.