Forex Signals Brief for Apr 8: Markets Taper Off – US Equity markets started the session full of hope as many were suggesting the peak of the virus was near. By days end, it seemed that the positive sentiment was forgotten as the SPX and its counterparts ended the session in the red. Only just, but nevertheless down on the day.
For now, markets sit and wait for further information. When news of falling infections in some of the most impacted areas begins to shine through more clearly, that could be the trigger the bulls have been looking for.
Data is thin today, but one of the key products we need to pay attention to will be WTI and it will have some numbers worth watching.
Inventory data is set for release and one of the major issues that have led to the huge falls recently has been the ongoing supply glut. The supply cuts we having been hearing about have so far have not really impressed the market and today will be another opportunity to see what the production side looks like – Forex Signals Brief for Apr 8: Markets Taper Off.
When we add that to the current demand issues thanks to COVID-19, it doesn’t paint a pretty picture for oil at the moment.
Forex Signal Update
The FX Leaders Team had one win from two signals in what was a quiet session as volatility has been contracting.
GBP/USD – Active Signal – Forex Signals Brief for Apr 8: Markets Taper Off
The GBP/USD has been holding firm as PM Boris Johnson is still battling with the virus. Most of the majors rallied against the USD yesterday but we have a good risk/reward spot here, so we wait.