Home Forex Signals Forex Signals Brief for Feb 12: Powell Heads to the Senate – FX Leaders

Forex Signals Brief for Feb 12: Powell Heads to the Senate – FX Leaders

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Forex Signals Brief for Feb 12: Powell Heads to the Senate – Forex News by FX Leaders

Powell is Back

Posted Wednesday, February 12, 2020 by





Rowan Crosby



• 2 min read

US Market Wrap

Both today and yesterday will be dominated by Fed Boss Jerome Powell and his testimony before Congress and the Senate.

Yesterday, Powell gave little away in his first speech but made reference to the coronavirus as a possible risk factor. Generally speaking on day one, he was rather positive on the state of the economy, but we didn’t hear anything that was overly market moving.

The SPX was strong as a result, however, we did see prices ease when US federal authorities said they would look into acquisitions made by some of America’s largest tech companies. This caused some investors to start worrying about the regulators putting a dent in the economy.

Today’s Agenda

On the data front, it looks like we have a relatively quiet day ahead.

So as mentioned, most of the focus today will be on Fed Boss Jerome Powell, as he testifies on the economy before the Senate. 

Otherwise, we do get an update on WTI oil inventories as well, which should keep a relatively volatile week going at the same pace.

There are also some more earnings reports that will keep on dripping out, which are seeing some solid moves in equity markets. However, the USD has been relatively unfussed to date.

Forex Signal Update

The FX Leaders Team closed one signal yesterday, in what was another quiet session.

EUR/USD – Active Signal

The EUR/USD has been steadily and consistently selling off every day for the last week or more. We are joining the party on this bounce and are short looking for more downside.

EUR/USD
EUR/USD – 240min.

EUR/CHF – Active Signal

The EUR/CHF has pushed through that key support level but whether it can hold is another story. We are nicely hedged now with our other EUR exposure.

EUR/USD
EUR/USD – 240min.

Cryptocurrency Update

It was another busy day for BTC as price reclaimed the $10,000 level.

The move came as we heard from Jerome Powell that he felt cryptos were a threat to the USD.

With price above the $10,000 level and a mini-catalyst of sorts, price is really bullish here, so we won’t be fading it at the moment and potentially looking to buy a pullback if it holds the swing low.

Bitcoin
Bitcoin – 240min.

About the author



Rowan Crosby


// Asia-Pacific Analyst


Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.

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