Forex Signals Brief for June 3: ADP Jobs in Focus

US Wrap

Markets continue to remain relatively quiet this month as we wait on more jobs data today.

Yesterday, we saw the stock indexes jump a little, with much of the attention back of the meme stocks as AMC finished the day up around 95%, taking its gains to 2900% this year.

Elsewhere, the USD continues to hold around the lows and the majors have been relatively muted as we all sit back and wait on the latest jobs report on Friday.

The Data Agenda

We are slowly getting into some more economic data this week and the main focus today will be the ADP jobs report. We are expecting to see around 650K new jobs created last month, but we must remember, how badly the official number missed last week.

Similarly, we will also see if the downtrend in jobless claims can continue as well as we might see it fall under 400K.

Otherwise, there will be some interesting releases in Europe with the PMI prints out of the UK. 

Forex Signal Update

The FX Leaders Team had a quiet session with two wins from three trades while we still have ten signals currently open.

XRP – Active Signal

XRP has been hovering around the $1.00 level for some time now and we are waiting on more developments from the SEC.

ETH – Active Signal

The ETH price is also forming a triangle pattern, so keep watching it closely.

Cryptocurrency Update

Bitcoin continues to struggle to get above that $38,000 level.

What is very clear, is that volatility is contracting across all the major crypto’s and this is normally a precursor to a big move. We don’t know when, but something will happen very soon I suspect and it’s going to be big.

ABOUT THE AUTHOR See More

Rowan Crosby

Asia-Pacific Analyst

Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.

Related Articles

Gold Weekly Outlook: $3,318 Pivot in Focus as Fed Signals and Data Loom

1 day ago

Save

Trade Tensions Fuel Gold—$3,500 in Sight?

2 days ago

Save

EUR/USD Slides to $1.1350—ECB Cut Incoming?

3 days ago

Save

Comments

0 0 votes

Article Rating

Subscribe

Login

Notify of

new follow-up commentsnew replies to my comments

Please login to comment

0 Comments

Oldest

Newest Most Voted

Inline Feedbacks

View all comments