Forex Signals Brief for May 6: BOE in Focus
US Wrap
US equity markets were mixed while the dollar remained steady yesterday.
Much of the focus was on the ADP jobs jumper which showed around 750K new jobs were created in the US last month, which was just under expectations. This does bode well for Friday’s NFP which is where most of the attention currently resides.
Technically, it does look like the USD is trying to push higher after what has been an extended downtrend.
The Data Agenda
The key focus of today’s session will be the BOE interest rate decision and what is said around their official stance on monetary policy.
Despite Boris Johnson doing everything in his power to destroy freedom and the economy, things do appear to be improving and we could see some winding back from the BOE today.
Elsewhere, we will be watching US jobless claims ahead of Friday’s official employment report.
Forex Signal Update
The FX Leaders Team had a solid trading session, closing three winners from three trades and making the most of a big win in LTC.
XRP – Active Signal
XRP will be the one to watch today as we are set to hit another important date with the SEC case. It’s hard to say that we will get a result one way or another, but what we do know is that if you are waiting for a settlement, you are too late. We are long here.
EUR/USD – Active Signal
The EUR/USD is grinding lower and is now under 1.20, which makes our short signal look very healthy at the moment.
Cryptocurrency Update
BTC remains relatively quiet at the moment as price has held up above the key $55,000 level for now.
However, it’s all about Dogecoin at the moment as price continues to hold the 60 cent level has for the most part been incredibly bullish. We could well be in for another leg higher with the highs of around 70 cents within reach.
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