Friday August 4, 2017 - 08:29:51 GMT
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The major event today is the release of U.S. June employment data. This always tends to be a major market mover. Recently the focus has turned from payrolls data to Average Hourly Earnings. This measure has been stuck at +0.20% mo/mo for several years. The market view is that the Fed will be reluctant to tighten policy on a sustained basis until wages start to rise. Otherwise, word the Special Prosecutor has empowering a Grand Jury to investigate relations between Russia and the Administration suggests that his investigations will go on for a good while longer. The last thing Trump needs is another distraction.
Today the EURUSD HOD has been 1.1890, while the LOD has been 1.1867. EURUSD is working to establish 1.1800 line as solid support for an eventual run at 1.20. Liquidity continues to be constrained by summer markets. Keep an eye on the yield of the U.S. 10-yr Note (last 2.228%, -0.2 bp). The 2.30% line remains the key psychological benchmark. Follow your Amazing Trader charts for market direction.
Forex trading conditions can change quickly, so use your AT charts to monitor current support (red) and resistance (blue) levels. The technicals frequently change ahead of the fundamentals. Changing colors and/or disappearing or new lines on the Amazing Trader (AT) charts will tell you which way the winds are blowing. Keep an eye on which color lines are being drawn or erased as your leading momentum indicator.
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