Markets have been busy in the last 24 hours, with a fair bit of focus on the Central Banks again this week, particularly the FOMC and RBA.
Today we get a look at the ECB Meeting Minutes from their last policy meeting but I suspect this won’t be the big market mover of the day. The ECB is relatively hamstrung at the moment, with interest rates already at lows and QE not working as they might have hoped. So while CPI and growth lag, the ECB is almost out of bullets for the time being.
The other main events to look out for today will be German GDP, Business Climate and Manufacturing PMI. All the numbers are a little lower than they might like, but given the fact that the EUR/USD is at lows, then any outperformance could see a small bounce. If they miss badly, then look out below.
And just to add something else to the mix, it is also European Elections today, however, the results won’t be known for some time.
The GBP/USD is in-play for a second day today with Retail Sales due for release. That comes on the back of yesterday’s CPI print and the ongoing Brexit debacle.
In the US session, we have homes sales data, but much of the attention continues to be on what exactly is happening between the US-China in their tit-for-tat trade wars.
Forex Signal Update
The FX Leaders Team finished with one wins from one trades in Oil, on a day when Crude fell sharply.
NZD/USD – Active Signal
Our NZD/USD signal is looking pretty good and as you can see on the chart below, the downtrend is pretty significant at the moment. Add to this, the fact that the 0.6500 level has dropped and this looks another good spot for the trend-followers.
AUD/USD – Active Signal
The AUD/USD is still under the key 0.6900 level and is certainly weak at the moment. We are short and looking for a break of the lows here. The trend and momentum and even fundamentals are all with us on this trade, so let’s hope we get a bit more downside today.
BTC for the first time in a while has made a pretty big push away from the $8,000 resistance level.
Price has fallen back to around $7,500 and that is providing some support for the time being. Should that level drop, then $7,000 is pretty big support also.
9 years ago yesterday, the first pizza was purchased using Bitcoin. The person in question bought two large pizzas for 10,000 Bitcoin. In hindsight, he’s probably regretting that decision as those Bitcoin’s are now worth around $76 million. Pricey pizza.