Forex Signals Brief for Apr 1: Jobs Improving
US Wrap
US equity markets ground their way higher to close out the first quarter, with a positive jobs number one of the highlights.
Jobs are the focus all week long ahead of today’s jobless claims and tomorrows non-farm payroll data. We saw a strong 500K+ increase according to the latest ADP data and there will be plenty hoping that trend holds up into Friday.
Meanwhile, we also saw more buying in the USD. Whenever there is a slight dip, it gets bought right back up and that is the same trend we’re seeing in bond yields. Of course, that also means that bonds are getting sold at every opportunity and that is something that gets lost on a lot of people.
The Data Agenda
Jobless claims will once again be the key data point to end the official trading week, but we must remember that we do have non-farm payrolls out tomorrow which is of course Easter Friday.
Trading action will be limited tomorrow so we should also expect traders to try and close out their positions today, which could lead to added volatility.
The other data of note will be in the UK with Manufacturing PMI, while the US is also expecting ISM Manufacturing PMI as well.
Forex Signal Update
The FX Leaders Team hit 2 winners from 4 trades, as the Greenback bounced for another session.
We have three open signals so look to the forex signals page for all the latest developments ahead of the Easter holiday period.
USD – Watching
The Greenback pushed higher yesterday and as we can see, the key levels continue to hold up, which is bullish.
Oil – Active Signal
Despite a small draw in the inventory data, WTI fell under the $60 level and broke out of the triangle pattern that we’ve been building. The rising USD is also bearish. We remain short here and this signal is now looking good.
Cryptocurrency Update
BTC has been getting all the attention lately as price is once again approaching the $60,000 level. There have been a number of major companies announcing they will be incorporating digital assets and as is often the case Bitcoin has benefited.
That said, we can’t ignore ETH, which is also back approaching the recent highs at the very significant $2,000 level. We are currently long Ethereum and will be watching how price performs in the coming 24 hours.
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