Forex Signals Brief for Apr 7: FOMC Minutes in Focus

US Wrap

US equity markets were relatively muted yesterday in what was an otherwise quiet day from a data perspective.

The Greenback continued to fall away from the highs and that is helping to prop up the majors this week.

Similarly, GOLD and SILVER appear to have found a bottom and the weakening dollar will be helping.

The Data Agenda

The main focus of today’s session is no doubt the FOMC, however, what we will learn is another story.

As we know, Powell is content to sit on his hands at the moment even though bond yields are rising. Currently, the 10-year sits at 1.66%. This does of course ease pressure on the FOMC to some degree in the short-term.

Elsewhere, we do get some data from PMI data from both Canada and the UK. While Wednesday of course brings the latest WTI crude oil inventories.

Forex Signal Update

The FX Leaders Team hit 2 winners from 4 trades, as the Greenback continues to fall away for now.

USD – Watching

The Greenback will be in focus today on the back of the latest FOMC minutes. Given we didn’t hear much new insight at the meeting itself, it’s doubtful the minutes will be earth-shattering.

Gold – Active Signal

GOLD is still under the $1740 level, despite the weakening USD.

Cryptocurrency Update

For a second straight day, we have been watching XRP as it charged through the $1.00 level and is holding above that point for now. Of course, the positive news surrounding the SEC case was a contributing factor.

We should also note that BNB has been incredibly strong as well and it just took out the $400 level. To put it in context, BNB was sitting at $40 at the end of January.