Forex Signals Brief for Feb 11: Markets Remain Calm

US Wrap

US markets were mixed for another session, with a little bit of upside in the USD.

The SPX continues to soften as did the NASDAQ, however, the Dow was marginally higher. The breakout upside momentum appears to be slowing down for now, but it’s been a bit like slowing down a freight train.

Even the commodities such as WTI softened yesterday, in what was effectively a quiet day. That said, physical metal markets continue to massive shortages, while futures remain weak. Interesting as to why that might be happening. Who stands to lose when metals surge?

US President Trump’s impeachment proceedings continued yesterday, although little light was shed on what really happened. I’m still waiting for the floodgates to open here.

The Data Agenda

The main data point of note today will be US jobless claims. This is probably one of the key metrics that actually represent what is happening across the US.

The expectation is for 757K new claims this week while continuing claims have fallen to around the 4.5 million mark.

Forex Signal Update

The FX Leaders Team didn’t close any green signals yesterday as markets were relatively choppy.

EUR/GBP – Active Signal

The EUR/GBP is holding the downtrend so, for now, we remain short.

NZD/USD – Watching

The NZD/USD is rotating around the 0.7200 level and we are short here looking for this one to revert.

Cryptocurrency Update

Most of the key crypto’s pulled back off their highs yesterday, which is often the case after a big push. We keep hearing about more companies joining the crypto train as well.

That said, XRP continues to gain ground and as mentioned is one of my favourites at the moment.