Forex Signals Brief for Aug 11: US Inflation in Focus
Rowan Crosby • 1 min read
Markets were mostly higher yesterday as all the focus turns towards the latest US inflation data on Wednesday.
Interestingly, we saw the Greenback continue to push higher and it appears that it is getting set for breakthrough the recent highs. This would indicate there is a strong chance of a high inflation print and even rates to rise sooner rather than later.
The other key event driving sentiment was the infrastructure bill moving forward in the Senate. Interestingly, this is the same bill that could well see BTC take a hit, given it would significantly impact privacy and decentralisation. Two key pillars or what Bitcoin is about.
The Data Agenda
The data front is all about CPI and we are looking at 5.3% YoY which is slightly down on the prior.
Forex Signal Update
The FX Leaders Team hit 1 winner from 2 trades, in what was a quiet session.
XRP – Active Signal
XRP has surged in the past 24 hours and is now above key resistance at $0.80, and looking short-term bullish.
Gold – Watching
GOLD will be a big focus today and if inflation continues to ramp up, it’s only a matter of time before the buyers come hard for the yellow metal. That said, this chart looks very weak.
BTC continues to hold strong above the $45,000 level despite the talk surrounding the implications of the infrastructure bill.
In reality, the entire sector is strong at the moment and Bitcoin is doing much of the heavy lifting.