Forex Signals Brief for Mar 5: Stocks Weak Ahead of US Jobs
Rowan Crosby • 2 min read
US equity markets sold off for another day while the USD broke to the upside.
The slide in US stock markets must be getting a little concerning for investors as we’ve seen prices in the red since the start of the month. We can see that the SPX is making lower highs and is now on the verge of a much bigger sell-off.
Meanwhile, the USD was one of the big movers to the upside and has broken out strongly, putting pressure on the majors. At the same time, US bond yields jumped as well making fresh highs.
The crypto market copped a beating as the main driver being BTC, couldn’t hold the $50,000 level and sank the rest of the market.
The Data Agenda
Yesterday, we saw jobless claims come in slightly better than expected, but again the main focus is on today’s non-farm payroll data.
We are expecting 182K new jobs to have been created and the jobless rate to remain steady at 6.3%.
Today’s jobs report could help crush stocks or provide some relief.
Forex Signal Update
The FX Leaders Team hit 3 winners from 3 trades, with a nice result in the majors.
Keep watching the forex signals page, as the jobs number is always the biggest number of the month.
SPX – Watching
The SPX is very much on my radar at the moment as price is falling each session. Collapse imminent?
USD – Watching
The USD looking very bullish now and a falling stock market will also help the cause. Look for more pressure on the majors.
BTC had a good attempt at the $50,000 level before ultimately failing. As mentioned yesterday, we could remain technically bullish above that point, but now that price has failed again all bets are off.
We now move our attention to the $44,400 level and I will be expecting price will now test that level once again. I am very bearish on Bitcoin and expect that to fall and to cause broader selling across the entire sector.
The shadow of regulation looms larger by the day and for me, it is now a question of which coins can ultimately survive? I suspect Bitcoin will not be one of them.