Forex Signals Brief for Apr 29: US GDP in Focus
US Wrap
US equity markets were quiet on a day the FOMC suggested the outlook for the economy was a positive one.
The latest FOMC meeting was the key event of the day and Jerome Powell made it very clear that interest rates would remain low and the rate of asset purchases would continue.
The news means that the likes of commodities and other real assets should see more upside ahead, given that Powell and his team don’t seem to care too much about what inflation is doing to the economy and certainly not the USD.
The Data Agenda
There will be more focus on the US in the upcoming session with a couple of important data points that will be worth watching.
Today’s main number will be US GDP, which is continuing to improve and is expected to come in a touch over the 6% mark, which is a very strong rebound. At the same time, jobless claims data will also be one to watch as that number has really fallen away in recent months and is now in the low 500’s.
In Europe, we also get a jobs update from the all-important German economy, which is one of the main areas of interest lately, thanks to Merkel’s attempt to destroy the economy and democracy all at once. It’s expected that a further 10,000 jobs were lost in Germany last month.
Forex Signal Update
The FX Leaders Team hit 3 winners from 4 trades, as the FOMC kept things interesting.
XRP – Active Signal
XRP is pulling back but the move remains quite shallow which suggests buyers are still accumulating. We remain long looking for the next leg higher..
LTC – Active Signal
LTC has been quite bullish over the past few sessions, but has now run into some selling. We are short here looking for a quick pullback, but longer-term remain bullish.
Cryptocurrency Update
BTC has had a quiet 24 hours as we await the next move. For now, we’ve seen the $50,000 level hold up for now, while price is just under $55,000.
The FOMC didn’t really impact Bitcoin or the crypto space all that much as most felt the money printing would roll on regardless.
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