Forex Signals Brief for Aug 12: XRP Soars Back to $1.00
Rowan Crosby • 2 min read
Markets just keep on grinding higher at the moment while crypto and in particular XRP remain very bullish.
All the attention yesterday was on US CPI and once again the numbers are pretty ugly. While they were mostly in line with expectations, which led to the Greenback falling, the number itself, 5.4% YoY, is still ridiculously high.
Elsewhere, crypto continues to rally strongly after all the drama surrounding the infrastructure bill. XRP is up over 20% in the past 24 hours, after more progress being made slowly in the case against the SEC, while they have also announced a new partnership with Global Money Express (GME Remittance).
The Data Agenda
Data will be heavy today, particularly in the UK and US sessions.
Out of London, we’ll be looking at GDP and Manufacturing Production – both of which are on the rebound.
In the US, PPI will follow up on yesterday’s CPI print, while once again weekly jobless claims will be a big talking point amongst traders.
Forex Signal Update
The FX Leaders Team had a quiet session, closing the one signal in the AUD/USD.
XRP – Active Signal
XRP has been flying in the past 24 hours and is now above key resistance at $1.00. Clearly, this is bullish price action and the long-term outlook for XRP is very strong in my opinion. For now, it’s just a matter of where the overall market moves.
Gold – Watching
GOLD has bounced back with a fall in the USD and higher inflation. But the yellow metal still has some work to do after Monday’s sell-off.
BTC remains above the $45,000 level and is still looking bullish despite slowing down over the past 24 hours.
As mentioned, XRP has been the big flyer over the past few sessions. For the time being, sentiment is strong in the sector and we will be bullish while Bitcoin holds these key levels.
However, keep watching the news around Tether, as we are slowly getting more details about their holdings. Tether certainly has the potential to be a bit of a Black Swan.