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Forex Today: Softs Outperform

Adam Lemon

After advancing to long-term highs above $30k, Bitcoin seems to have topped out convincingly, falling back below $30k in its biggest daily drop in one month.

   

  1. Several soft commodities are performing well, with the Sugar ETF CANE and the Cocoa ETN NIB reaching new multi-year high prices, while the Coffee ETF JO has also made a strong bullish breakout.
  2. In the Forex market, the US Dollar has firmed against its long-term bearish trend, boosted by rising short-term US Treasury yields. Trend traders may be watching for a new short trade if confirmed by a renewed weakening in the greenback, probably looking to be long of the EUR/USD or GBP/USD currency pairs, both of which are in confirmed long-term bullish trends. Over today’s Asian session, the US Dollar looked like the strongest major currency, while the Japanese Yen was the weakest.
  3. Canadian CPI (inflation) data released yesterday showed annualized inflation falling from 6.4% to 5.9%, slightly lower than the 6.0% which was the consensus forecast.
  4. Bitcoin has rebounded bullishly back to its highs above $30k, but the highs and the bearish topping formation remain intact.
  5. Today will see a release of British CPI (inflation) data, which is expected to show a fall in the annualized rate from 10.4% to 9.8%.
  6. There will be a release of New Zealand CPI (inflation) data later today.
Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

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