Forex Signals Brief for April 17: Will Markets Continue Last Friday’s Reversal?
Skerdian Meta • 3 min read
This Week’s Market Wrap
Last week was quite volatile, having started on Monday with the USD on a positive momentum following a positive Non-Farm Payroll (NFP) employment report from the previous Friday. However, the USD started to decline again on Tuesday and suffered significant losses on Wednesday after soft CPI consumer inflation and on Thursday after negative PPI producer inflation figures. As a result, the EUR/USD rose to 1.1076, and Gold prices increased towards $2,049, as the likelihood of the FED continuing to raise interest rates decreased.
Last Week’s Market Expectations
Today we have the US Empire State Manufacturing Index, with the Chinese GDP following tomorrow, which will be important for commodity dollars and crude Oil. Further down the week the Canadian and UK CPI reports are expected to show a decline in consumer inflation, confirming the slowing trend in global inflation, although in New Zealand the CPI is expected to have ticked higher in Q1. On Friday services and manufacturing data close the week.
Forex Signals Update
Last week was difficult as the volatility was high and we saw a few reversals which changed the situation completely. We were breaking even in the first part of the week, but improved in the second part and closed the week with 20 winning signals out of 31 forex signals in total, giving us a 65/35% win/loss ratio.