Forex Signals Brief for Dec 1: Euro Data Ahead
Rowan Crosby • 2 min read
US Market Wrap
Markets drifted lower to close out what was generally a strong month of November.
As is often the case, it looked like traders and investors decided to take some profits or at the very least, cycle into some of the underperformers.
Many of the risk assets pulled back off their highs, while all the attention late in the day it was on Bitcoin as it made a fresh record high.
The Data Agenda
There’s quite a bit of data on the agenda to get the new month underway, particularly, out of Europe.
Up first, we look to Germany as they are set to release manufacturing PMI and also employment data. The EUR/USD will also be looking towards Eurozone CPI. Given how soft it has been for a very long time, there is little hope of any real recovery given what is going on across the continent.
During the US session, we will once again hear from Jerome Powell as he continues his testimony, but there is not likely to be anything of any substance for traders.
Later in the US session, we are looking to GDP for the USD/CAD, followed by ISM manufacturing PMI.
Forex Signal Update
The FX Leaders Team didn’t close any green signals yesterday as markets reversed, however, we still have four signals open, so there is plenty still going on.
LTC – Active Signal
LTC is approaching the recent highs, much like Bitcoin and the other major coins. We remain bullish here, but just be sure to manage your risk given the higher levels of volatility.
NZD/USD – Active Signal
The NZD/USD is still holding very strong and is bullish above the 0.7000 level. We are long here and looking for some more upside or at the least a little jump into our take profit region.
BTC is back and has officially hit the record high levels that we saw in 2017.
The $19,500 level had previously been a bit of a stopping point, but it now looks like the $20,000 level is the new target.
As mentioned today, the types of investors involved in the crypto space are very different from the last run in 2017 and that bodes well for the longer-term of the entire sector. That said, many of the secondary coins are still a long way from their 2017 highs.