We publish forex signals once we see a good trading opportunity. The signals are free and updated in real time by our team of traders. The fundamental factors and the technical levels are always at the forefront, and this is why it is key to have both sides of the picture. To get the most out of forex trading, one has to be flexible in his approach and look constantly for new opportunities to correctly predict the market.
Statistics Canada will be releasing the monthly labor market statistics today at 12:30 GMT. The data will cover the period of April. According to the economists' polled, Canada's unemployment rate is expected to remain unchanged at 5.8% for April.
Although the Bank of England is expected to hold rates today, the forward guidance with the potential to signal a rate hike in August remains higher. As a result, the GBPUSD currency pair could be seen closing higher on the day. GBPUSD was seen mostly consolidating near the support level of 1.3530 level heading into the BoE meeting.
The Reserve Bank of New Zealand will be holding its monetary policy meeting today late today at 21:00 GMT. Heading into the RBNZ's monetary policy meeting, the market expectations point to no changes to the RBNZ's Overnight Cash Rate (OCR) which is expected to remain steady at 1.75%.
Today's binary options signal is USDJPY, the currency pair was seen retracing some of the gains posted earlier. However, the currency pair managed to recover after reaching highs of 109.86. In the near term, we expect USDJPY to continue to giving up the gains.
The Federal Reserve Governor, Jerome Powell is scheduled to make a speech later today at 08:15 GMT. The speech comes following the FOMC's decision to keep interest rates unchanged at its monetary policy meeting just last week. Investors will be closely watching the comments from the Fed Governor in order to ascertain the next interest rate hike from the central bank.
The day is also marked by a number of Fed member speeches including William Dudley, Williams and Quarles.
Today's binary options signal is EURUSD, the currency pair was seen falling to lows of 1.1954 which marks a long term support level. We expect this support to hold in the near term.
The Institute of Supply Management (ISM) will be releasing the monthly non-manufacturing PMI for the month of April today at 12:30 GMT. According to the economists polled, non-manufacturing PMI is expected to slip modestly to 58.1 during the month. This marks a slower pace of activity compared to 58.8 that was seen in March.
Today's binary trading signal is EURUS, the currency pair was seen posting strong losses as price action briefly fell to lows below 1.2000 on Tuesday. In the near term, with price trading at the support zone we expect to see a modest rebound. The European Statistics agency will be releasing the preliminary GDP data for the Eurozone today.
Today's binary signal is EURGBP, the currency pair was seen posting strong gains on Friday. The gains came amid the British pound posting strong declines after the UK's GDP report disappointed. The strong gains on Friday are likely to see a potential correction in the short term although the overall trend remains to the upside.
The U.S. Department of Commerce will be releasing its preliminary GDP data for the first quarter of 2018 today at 12:30 GMT. According to the economists polled, the U.S. economy is forecast to have increased 2.0% on the quarter ending March 2018.
With inflation still stubbornly below the ECB's 2% inflation target rate and with core CPI just at 1.0%, the ECB's meeting could be neutral to dovish. No policy changes are expected and any hawkish language in the ECB's monetary policy statement could be offset during the press conference.