Forex Signals Brief for Dec 3: US Jobless Claims Ahead
Rowan Crosby • 2 min read
US Market Wrap
Markets were somewhat mixed yesterday, but the major forex pairs saw a strong move in favour of risk.
A very soft USD continues to be the story of the day with huge political issues at the heart of the problem. A falling Greenback led to the likes of the AUD/USD and NZD/USD rallying hard.
At the same time, the data was a little mixed with the ADP jobs number showing a 300K increase, however, this was below expectations.
The Data Agenda
The main data theme this week is certainly all around the state of US jobs and today we will get another look with US jobless claims.
This has been a sticky type of number that hasn’t wanted to fall all that quickly, suggesting there are still wide portions of the country out of work. This is all leading up to tomorrows non-farm payroll number, which will be important for sentiment as we head into the holiday period. Also in the US, we get the latest ISM Non-Manufacturing PMI
Earlier in the day, we look to the GBP/USD as the UK will be releasing services and composite PMI, while Brexit is the ongoing saga that is playing out in the background.
Forex Signal Update
The FX Leaders Team finished with 1 win from 2 trades as with risk assets bounced.
Make sure you follow our live signals as volatility could increase as we head into the weekend with some big data ahead.
LTC – Active Signal
LTC couldn’t break through the $90 level for another session, despite strength in the sector. We can see price making some higher lows, which is bullish.
USD/CAD – Active Signal
The USD/CAD has been tumbling as investors cycle out of the USD and into better options, such as the CAD. We are short here as price is dumping.
BTC had another look at those record highs levels and once again price failed to push through.
The main thing to watch at the moment, is mainly how price responds on the pullback. Higher lows and clear dip-buying would be very bullish.