Forex Signals Brief June 1: Eurozone Inflation Likely Weaker in May
Skerdian Meta • 2 min read
Yesterday’s Market Wrap
Today’s Market Expectations
Today started with the Australian retail sales and Chinese Caixin manufacturing numbers for May, which were little changed. A while ago, the manufacturing PMI numbers from Europe were released, showing that this sector remains in contraction. Although markets are waiting to see the Eurozone CPI inflation for May, which is expected to slow to 6.3% from 7.0%. Later in the US session we have the ISM Manufacturing PMI which is also expected to remain in contraction, as well as Unemployment Claims and ADP Non-Farm Employment Change.
Forex Signals Update
Yesterday the volatility picked up, as the manufacturing data from China showed a contraction, turning the risk sentiment negative. Safe havens rallied higher, so we had two losing signals in USD/JPY and Gold, but made p with four winning signals in other currency pairs as well as in Gold again.
GOLD Breaking Above the 50 SMA
XAU/USD – 240 minute chart
Remaining Short on EUR/USD
BITCOIN Reversed Down After the Rejection at the 50 SMA Initially
BTC/USD – Daily chart
The 50 SMA Hold As Support for [Ethereum]]
In recent weeks, the buying pressure for Ethereum has slowed down, and we have witnessed a retreat in its price over the last few days. However, the correction appears complete as the 100 SMA (green) held as support for ETH/USD and buyers pushed the price above the 50 SMA as well. Now it seems that this moving average has turned into support.