Forex Signals Brief for Mar 16: Retail Sales Ahead
US Wrap
US equity markets pushed higher yesterday with the slow melt-up, unstoppable for the time being.
At the same time, the drive towards higher bond yields took a bit of a break, with the 10-year finding a bit of buying. While the USD recovered a little and is drifting higher.
The big moves yesterday were again in the crypto space, with BTC leading the charge. This time, however, it was to the downside as price couldn’t hold on to those record-high levels.
The Data Agenda
Most of the attention this week will be on the various central bank meetings led by the FOMC.
For the time being, there is still some relevant data, with an important one today being retail sales in the US. This is still a very soft number, but with businesses opening back up and many states dropping all restrictions, we should expect to see some improvement in the weeks and months ahead.
Forex Signal Update
The FX Leaders Team hit 2 winners from 3 trades, in what was a strong start to the new trading week.
We have four open signals so look to the forex signals page for all the latest developments.
EUR/GBP – Active Signal
The EUR/GBP has found a little bit of support here, but we remain short going with the longer-term trend.
EUR/USD – Watching
The EUR/USD is looking soft and is making quite a nice bearish triangle pattern. We are short, looking for price to fall away.
Cryptocurrency Update
BTC has had a very weak 24 hours, falling through both the $58,000 and $60,000 level.
I remain firmly bearish for the time being, but would not be ruling out another pop higher.
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