Forex Signals Brief for Mar 8: Stocks Open Strong
Rowan Crosby • 2 min read
US equity markets closed the week strong, driven higher by a better than expected jobs report and a late rally.
The SPX held up as did the major tech stocks and for now the sell off in the broad indexes has eased.
Meanwhile, bond yields will be in focus this week as the yield on the 10-year continues to push back to fresh highs. Interestingly, we will get a look at inflation data this week as well, which is one of the theories behind the surge in yields.
The USD surged on Friday as well, however, it has opened a little lower with the majors green across the board early in Monday trade.
The Data Agenda
There are a few interesting data points out this week, led by US inflation as we’ve already mentioned.
In terms of central banks, we will be hearing from the ECB this week, but as I’ve been saying for a while, I do feel they have all lost relevance for the time being.
In the UK, GDP is due to come out, which is always interesting, given how badly the economy and the people have been treated by Boris Johnson.
Forex Signal Update
The FX Leaders Team hit 9 winners from 12 trades last week for a 75% strike rate in what was a very strong performance from the guys.
We have three open signals so look to the forex signals page for all the latest developments.
SPX – Watching
The SPX is holding up for the time being and will likely open green. Can it hold on for another week?
EUR/USD – Active Signal
The EUR/USD has been tumbling and we are short here. That said, price has found a little bit of support.
BTC is once again back above the $50,000 level after a strong weekend of trading.
I’m still bearish but there are a few reasons floating around for the upmove.