Forex Signals Brief for Jul 1: US Jobless Claims Ahead
Markets were mixed yesterday as the week of jobs data began to come into focus.
US Wrap
Markets were mixed yesterday as the week of jobs data began to come into focus.
A better than expected ADP report helped lift the USD, which now appears to be on the verge of a breakout. The upside momentum will keep pressure on the majors and also commodities. While equities were relatively unchanged on the day.
The headlines continue to revolve around the virus, however, we are equally seeing plenty who are seeing through the media-induced ‘panic’.
BTC is also interestingly poised at the moment as it continues to battle the $35,000 level. So far price has not been able to hold and we are seeing the Asian session in the red so far.
The Data Agenda
Jobless claims will be the focus of the session today as we head towards Frida’s payrolls.
We are hoping this number can keep ticking lower and get under the 400K mark.
In Europe, we also have German and UK Manufacturing PMI so both the EUR/USD and GBP/USD could see some moves early on.
Forex Signal Update
The FX Leaders Team grabbed one win in our GOLD trade in what was a quiet session.
XRP – Active Signal
XRP has not been able to hold the 70 cent mark just yet and is again in the red today.
EUR/USD – Active Signal
The EUR/USD has dropped the 1.1900 level, thanks largely to the Greenback. I would expect another break to come very soon to the downside and that bodes well for our short signal.
Cryptocurrency Update
As mentioned BTC can’t hold onto the $35,000 level and we are seeing the sellers pile back in today.
In reality, we are still in a holding pattern and we will likely need to see some fundamental news in either direction for that to changes. I remain bearish for the time being.
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