Forex Signals Brief for Jul 7: The Greenback Rebounds Ahead of FOMC Minutes
Rowan Crosby • 2 min read
Markets were mixed yesterday, but we did see the Greenback bounce back strongly after a short and sharp sell off.
The upward pressure, saw the majors lose gourd and many key commodities followed suit. WTI got dumped as well despite supply worries coming out of the recent OPEC+ meetings.
The Data Agenda
Data is light today, with the main data point in the US being the JOLT Job Openings. This is never a real market mover given we had the NFP number only last week.
In Canada, Ivey PMI is due to come out as well.
While not a data point as such, there will be plenty of focus on the latest minutes of the FOMC, which should be pointing to a far more hawkish outlook, now that the economy is recovering well.
That is likely one of the reasons, for the preemptive jump in the Greenback yesterday.
Forex Signal Update
The FX Leaders Team hit 5 winners from 8 trades in what was a strong session with US traders back.
XRP – Active Signal
XRP has been holding steady for a while now and I feel we are on the verge of a big move soon.
EUR/USD – Active Signal
The EUR/USD has dropped under the 1.1850 level as we expected it would thanks to the bounce from the USD.
BTC remains under the $34,000 level and we can see price volatility is getting tighter and tighter and is making that common triangle formation.
What we do know, is that price moves from periods of low volatility to high volatility and vice versa. Is this price compression a sign of a big move in the making? I think it could be.