US Wrap

The real story yesterday was the big jump in the USD thanks to a strong jobs result.

As the attention turns to today’s non-farm payrolls, yesterday we saw both a better than expected ADP number and also jobless claims dropping under 400K for the first time since beginning of the China virus.

As the economy looks increasingly positive, the upward pressure on the USD would indicate there is some belief the FED could now start to ease off with the money printing at the very least.

The upward surge in the Greenback was bad news for the commodities, which fell away sharply across the board, with similar drops in the majors.

The Data Agenda

All the attention today will be on the latest non-farm payrolls data, with the expectation that 650K new jobs were created, while the jobless should fall to 5.9%.

That said, we were expecting nearly a million jobs last month and everything was looking good, until the final result missed by a massive margin.

Forex Signal Update

The FX Leaders Team had a strong session, closing four winners from four trades.

XRP – Active Signal

XRP has dropped under the $1.00 level but has bounced back after tagging $0.95.

ETH – Active Signal

The ETH price broke nicely to the upside yesterday but has quickly given that back this morning.

Cryptocurrency Update

Bitcoin is once again in focus as an Elon Musk Tweet has quickly dented sentiment. Musk tweeted that he was breaking up with Bitcoin, in a sign that perhaps Tesla is dumping its Bitcoin holdings. 

BTC had previously been struggling to get above that $38,000 level, despite looking strong yesterday.

It should be a very interesting 24 hours following his latest Tweet.