Forex Signals Brief for May 31: US Jobs in Focus
Markets were mostly quiet to round out trading on Friday, as we look forward to the latest US jobs data in the week ahead.
US Wrap
Markets were mostly quiet to round out trading on Friday, as we look forward to the latest US jobs data in the week ahead.
While equities were somewhat mixed, we did start to see more weakness in the crypto space with BTC making another push lower and dragging the market down with it. This is a common theme at the moment and as we speak, Bitcoin is sitting around that important $35,000 level.
Similarly, the USD continues to hover around the 90.00 mark on the US Dollar Index and it feels like we are waiting for something to happen across markets broadly.
GOLD meanwhile, is sitting just under recent highs and I suspect we are going to see a big break to the upside in the weeks ahead.
The Data Agenda
The main data point of note this week is certainly the latest US jobs data. In last months NFP, the US missed expectations by the largest margin in 20 years, showing that things are not quite as rosy as they could be.
At this stage, it is very clear it is a tale of different states in the US. The likes of Florida and Texas are open for business and going incredibly well at the moment. Whereas other states such as California and New York are clearly suffering under poor leadership.
Elsewhere, inflation in the Eurozone will be one to pay attention to. Inflation is out of control around the world at the moment, despite the official figures. With central banks unwilling to act, it appears only a matter of time before something gives.
Forex Signal Update
The FX Leaders Team hit 10 winners from 18 trades last week for a 55% strike rate, with plenty of action in the majors.
XRP – Active Signal
XRP is holding up quite well against some selling in Bitcoin and the broader market at the moment. We have strong support at 80 cents it appears.
ETH – Active Signal
The ETH price has been drifting lower over the past few days and is now under $2500. We still have quite a bit of support so the buyers are around.
Cryptocurrency Update
Bitcoin had a relatively weak couple of days and price has fallen from the $40,000 level back to $35,000.
There is a lot of support at both $35,000 and $30,000, so I don’t expect a collapse just yet. However, under that level, we will see some serious selling.
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