Forex Signals Brief for Apr 8: Crypto’s Lose Ground
US Wrap
US equity markets pushed higher yesterday, while the crypto space lost some ground after a strong few days.
The main data point of note was the FOMC minutes, however, they simply reiterated the Fed’s stance on maintaining low interest rates for the foreseeable future. This lead to a small amount of upside in equities and a relatively flat USD.
BTC was weak and dropped under the $58,000 level, which led to some selling across the board.
The Data Agenda
Central banks will once again be a key focus on Thursday, however, we are unlikely to see any market-moving information.
The ECB minutes will be the main event, however, we already know that they are set to maintain ultra low interest rates going forward.
We will also be hearing from Jerome Powell, however, he has not changed his stance in many months and I don’t expect him to say anything different today.
Forex Signal Update
The FX Leaders Team hit 2 winners from 4 trades, as the Greenback remains soft for now.
Keep watching the forex signals page, as markets are providing plenty of opportunities.
EUR/USD – Active Signal
The EUR/USD has been breaking higher and we are long riding the upmove.
Gold – Active Signal
GOLD is sitting right at the$1740 level, but hasn’t been able to break. While this level holds we remain short but will be watching this one closely.
Cryptocurrency Update
BTC was weak yesterday and that dragged the entire market down.
As I noted earlier, the dominance of Bitcoin continues to diminish, which is not unexpected, given the big bull run we’ve seen over the past six months.
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