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Forex Signals Brief for June 14: Fed in Focus

Posted Monday, June 14, 2021 by
Rowan Crosby • 2 min read

US Wrap

The word on most traders lips last week was inflation and this week, we’ll get to see just what the Fed have to say on the matter.

Of course, last week, we heard that the US is now travelling along with inflation sitting at 5% per year. Numbers not seen for over a decade. While the Fed’s goal has been all about boosting inflation, the time has now clearly come that these numbers are simply getting out of control and many are now getting very nervous.

As a result, we saw stocks continue to edge higher last week, while the USD sits and waits on any news around interset rates although it bounced on Friday.

Precious metals are also the first point of call for many in fear of inflation and while both GOLD and SILVER dipped on Friday, they will be well and truly in focus in the weeks ahead.

 

The Data Agenda

The FOMC juggling act will be the main thing to watch this week as policymakers try to balance out job creation with surging inflation.

As we know, the Fed decided to let inflation run hot and we are now reaching the precipice. The jobs situation is slowly recovering after all the lockdowns but things are still a long way off their February 2020 levels.

While we don’t expect a rate change this month, what exactly Jerome Powell thinks about inflation will be a must-watch event.

 

Forex Signal Update

The FX Leaders Team hit 5 winners from 14 trades last week in what was a quiet one by our standards.

We have eight open signals at the moment, so look to the forex signals page for all the latest developments.

 

XRP – Active Signal

XRP held up at the 80 cent level yet again and pushed higher on the market strength. It’s worth noting that price is not through the downtrend as yet.

 

ETH – Active Signal

ETH is in the green but it is back testing the $2,500 level. PRice hasn’t really been able to hold above this point for some time.

 

Cryptocurrency Update

Bitcoin was clearly all the focus this morning after Elon Musk Tweeted that Telsa will ‘resume allowing crypto transactions’ when 50% of miners are green. The headlines sparked a big push higher with BTC tagging the $40,000 level.

Again we see just how much influence Musk has over the entire sector and this by itself shield concern many. For now, we are watching that big resistance level closely.

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