Forex Signals Brief for May 10: US Inflation in Focus
US Wrap
US equity markets shrugged off a disastrous jobs report on Friday to remain at or near all-time highs.
The market was broadly expecting to see near on 1 million new jobs created last month, however, the final result was around 250K. This was the biggest miss we’ve seen in 20 years. Despite that, markets pressed higher and have opened the new week in the green.
We’ve also heard the news over the weekend of a cyber attack that has taken out the largest pipeline in the US.
If a terrible jobs number, a cyberattack, a missing President and inflation running rampant, can’t slow down the melt-up in stocks, I’m not sure what can.
We are also hearing news that Michigan is on the verge of requesting a forensic audit of the 2020 US Presidential Election. We already know this is taking place in Arizona as we speak. This will be the key story to watch over the next few weeks.
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The Data Agenda
The key focus this week will be the latest inflation data out of the US. On the back of record levels of money printing and fiscal stimulus, inflation is clearly running hot.
Just take a look at what’s happening to real assets, like housing, timber, grains, meats and now metals too.
Prices are rising, yet, the outdated and arguably corrupt measures of inflation are simply not telling people the real story. Cash is being destroyed by the minute as we await what the official CPI number has to say.
We are expecting a jump to 3.6%, but I would argue that the true figure is double that amount. A scary thought for many who don’t own assets.
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Forex Signal Update
The FX Leaders Team hit 9 winners from 14 trades last week for a 64% strike rate for a solid performance from the guys.
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XRP – Active Signal
XRP continues to hold steady as we approach the next update from the case between the SEC and Ripple. I believe the next date to watch here will be May 13 and it could be a big one. We remain long.
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EUR/USD – Active Signal
The EUR/USD has continued to break higher. We remain short.
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Cryptocurrency Update
Dogecoin has been the real focus over the past week with Elon Musk hosting SNL. The appearance didn’t go to plan for many investors as price tumbled 30% after he called it a ‘hustle’.
Meanwhile BTC looks strong and is back testing the $60,000 level.
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