Forex Signals Brief for Feb 10: Impeachment Moves Forward
Rowan Crosby • 2 min read
US markets were mixed yesterday as US President Trump’s impeachment starts moving forward.
The SPX was in the red for the first time in many sessions, while the NASDAQ saw some upside. The main mover of note was the USD which continues to tumble and is really putting upward pressure on the majors. At the same time, a falling Greenback will also continue to lift commodities, such as GOLD and WTI.
In terms of the impeachment, it is interesting to note that six Republican’s voted to move forward which is really quite staggering. What have they got to hide? We haven’t heard any evidence as yet, so watch this space.
With the process moving forward, I am still fully expecting to see volatility rise. The VXX has been absolutely crushed and this is normally a precursor of something to come.
The Data Agenda
As has been the case recently, data will continue to be light today. We do get a look at CPI from both the UK and the US, which is expected to remain understandably soft in both cases.
An interesting data point today could be the latest WTI Crude Oil inventories. Oil has been on an upward trajectory in the recent weeks having pushed from $52 to $58. That said, there are questions being asked on the demand side.
Forex Signal Update
The FX Leaders Team finished with 1 win from 3 trades as markets start to turn things around.
Make sure you follow our live signals as volatility could increase.
EUR/GBP – Active Signal
The EUR/GBP is moving down this trendline and sellers stepped up as we had hoped. Hold the line.
USD – Watching
The Greenback keeps on tumbling at the moment. The turnaround has been brisk so we will keep watching this with interest.
While BTC has pulled back and is consolidating, we are starting to see some other movers.