Forex Signals Brief for Oct 30: GDP in Focus
Rowan Crosby • 2 min read
US Market Wrap
US markets managed to bounce back yesterday, while the USD was also the strongest of the currencies.
The data was good for the US, with GDP coming in at 33% and beating expectations while jobless claims data also beat and continued the recent trend of improving week over week. At the same time, equities had a bounce after a rough session the previous day, but it might be little more than a short-term bounce.
Out of Europe, there was plenty of interest in the ECB and while there was no change in policy, the door is still very much open for further stimulus.
The Data Agenda
Looking ahead and Friday will feature a couple of interesting GDP prints, fresh on the heels of yesterday’s US number.
Early on the EUR/USD will be watching the German GDP print while that will be followed by Eurozone CPI later in the day.
Then in the US session, it is Canada that will be releasing their GDP numbers and the USD/CAD will be watching and it is important to note it has been one of the more volatile majors this week.
Forex Signal Update
The FX Leaders Team hit 3 winners from 4 trades yesterday, as markets move back and forth, but the opportunities for traders persist.
Make sure you follow our live signals as we could see some moves ahead of the weekend.
EUR/JPY – Active Signal
The EUR/JPY has been very soft this week and our short signal is looking very nice at the moment. A break of support could even trigger another slide.
DAX – Pending Signal
The DAX continues to consolidate at the lows. A break out of this small range will dictate the next leg and which way we go with our next signal.
BTC bounced perfectly off that support region at $13,000 and remains bullish.
A break of the highs would be the next opportuity to get long here.