US Market Wrap
Markets opened the week green and there was a distinct risk on feel which once again led to more downside in the USD.
The USD has been copping the brunt of what seems like a new bull market in stocks and risk assets. That is also keeping the majors firmly bid up for the most part.
The Greenback could come under even more pressure as the week goes on with the FOMC likely to outline their new inflation target which will effectively mean rates will be staying lower for longer.
The Data Agenda
Much of the focus today will be on the UK and Europe with a few important data points set to be released.
Early on the GBP/USD will be watching the employment data for July. This is a bit of a lagging indicator, but still important for the road to recovery.
The EUR/USD will mostly be watching ZEW Economic Sentiment out of Germany as well as a few other second-tier numbers.
The US will feature industrial production, but for the most part, the main interest at the moment is on sentiment and the FOMC.
Forex Signal Update
The FX Leaders Team hit 3 winners from 3 trades to get the week underway with a 100% strike rate.
Make sure you follow our live signals as the week ahead looks like it is starting to heat up.
AUD/USD – Active Signal
The AUD/USD is currently battling the 0.7300 level after what was a busy session of data in Asia. We’re short hoping for it to hold.
USD/CAD – Active Signal
The USD/CAD is back pushing lower thanks to more selling in the Greenback. We’re short, looking for another leg lower.
BTC is through the $10,400 level, and for my eyes, is starting to once again look bullish.
Again, we are riding the risk-on sentiment, but the $10,000 support held up with real strength, which is something to note.