Forex Signals Brief for Feb 3: USD & Stocks Push Higher

US Wrap

US markets kept on pushing higher along with the resurgent USD.

While the broader indexes keeps on jumping, the big short squeeze names such as Gamestop all fell back to earth. GME was down a quiet 60% on the session. More broadly, we did see a retrace in the VIX, which had been elevated with all the unusual activity going on.

Meanwhile, SILVER also fell back down after Monday’s jump and this likely caused a drag on GOLD as well.

The other news in stocks is that Jeff Bezos is standing down from Amazon after the company announced a record result. Not surprising when all your competitors are forced to close down.

The Data Agenda

There are a few releases of note today, led by the ADP employment data out of the US. We, of course, have the non-farm payroll number on Friday so this will be an interesting precursor to that.

Meanwhile, in Europe, we get to see Eurozone CPI, with some PMI prints out of the UK.

Forex Signal Update

The FX Leaders Team had a strong session hitting 2 winners from 2 signals. The news keeps on coming in, so keep watching the forex signals page as volatility will likely be on the rise.

AUD/USD – Active Signal

The AUD/USD is slipping each and every day, and we are short expecting a test of 0.7600 again.

USD/JPY – Active Signal

The [[USD/JPY] is battling the 105.00 level here and we are long looking for a break above.

Cryptocurrency Update

The crypto space was busy yesterday, with BTC again breaking to the upside.

ETH also pushed through the highs and I remain very bullish on it currently.