Forex Signals Brief for Jul 19: ECB in Focus - Forex News by FX Leaders
ECB in Focus

Forex Signals Brief for Jul 19: ECB in Focus

Posted Monday, July 19, 2021 by
Rowan Crosby • 2 min read

US Wrap

Markets have started to look very shaky towards the end of last week and once again the central banks will be in focus as the ECB meets for its latest policy decision.

Equities in the US closed in the red on Friday and in reality, they had been selling off all week. Similarly, the USD is actually very strong at the moment and appears that it wants to make another leg higher.

The USD strength has been putting the majors under pressure as well as many commodities including GOLD and SILVER.

The Data Agenda

Looking ahead, the main data point will certainly be the ECB, to see if they are likely to make any big change to their monetary policy. We’ve already started hearing from some central banks that are tapering their QE program, while others are bringing forward their expectations for rate rises.

Interestingly, inflation in the EU is still lagging other countries, which has been the case for a very long time in truth. Regardless, we’ll be watching this announcement with interest.

Other key data points of note in the next five days are German and UK manufacturing PMI and weekly jobless claims in the US.

Forex Signal Update

The FX Leaders Team hit 20 winners from 30 trades last week in what was a very active week, especially with the USD moving so much.


XRP – Active Signal

XRP is under the $0.60 level for the time being and so far price is looking soft to open the new trading week.


USD/JPY – Active Signal

The USD/JPY has been underperforming as the Greenback has actually been very strong. As a result, we’re long, looking for a rebound through this current downtrend.


Cryptocurrency Update

BTC has so far been holding under this key $32,000 level and so far simply cannot bounce back.

This is extremely weak price action and as a result, it is really holding the entire sector down. Clearly, the market is bearish at the moment and we are hearing growing talk of regulation as well.

For the time being, we are certainly all focused on whether or not Bitcoin can mount a charge.

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