Posted Monday, December 2, 2019 by
• 2 min read
US traders will be back at their desks today and ready to hit the ground running in what is set to be a big week of economic data.
With Thanksgiving last week, trade was a little muted, but we still saw plenty of action in the likes of the GBP/USD.
But given it is the start of the new month, much of the attention will be focused on this week’s US jobs report. What we do need to consider at the moment, is that the FOMC has also signalled it will be stopping the interest rate cuts for now. So with the odds of a hike very unlikely, there could be a smaller response from markets than what we’ve previously seen.
Elsewhere, there are a couple of big interest rate announcements, led by the RBA and the BOC. While there is no change likely at either meeting, all the focus will be on the guidance and both the AUD/USD and USD/CAD will be watching very closely.
We will also likely hear more from US President Trump who is embroiled in a number of issues, with none bigger than the US-China trade negotiations. Indications are that a phase 1 deal looks a fair way off, despite the commentary, so that could weigh on markets.
Monday is thin on data, but we are already seeing a strong push higher in risk assets to open up the trading week.
Forex Signal Update
The FX Leaders Team finished with 7 wins from 11 signal for a 64% win rate last week.
EUR/CHF – Active Signal
The EUR/CHF has been pushing higher and our signal has taken some heat. That said we have strong resistance above us, but will need the sellers to step up on Monday.
AUD/USD – Active Signal
BTC has been relatively quiet with US trades enjoying a well-deserved break, however, the $7,600 level did manage to hold price down as we thought it would.
That said, price did creep up to around the $7,800 level, before selling off and that was likely helped by resistance at $8,000.
Until price can crack through that level, I will maintain a short bias as the sellers remain strong on every attempt to push higher.
But at this stage, we are still relatively neutrally poised to get the week underway in the short-term.