Market Overview
The U.S. dollar remains stable amidst significant market volatility this week. The low NFP reading from last Friday has cast a shadow over the economic outlook, and the Yen carry trade situation may worsen if the BoJ continues to tighten its monetary policy. Traders are closely watching today’s U.S. job data, including initial jobless claims, to gauge the dollar’s strength.
In the UK, ongoing riots in multiple cities have harmed the strength of Sterling, which performed poorly among its peers in the last session. Conversely, the New Zealand dollar continues to be bolstered by the upbeat job data released yesterday. The RBNZ’s upcoming interest rate decision has fueled speculation of a hawkish monetary approach due to the strong job data.
In the commodity market, gold prices are trading sideways after plunging below the $2400 mark. However, gold has found support near the $2380 level, awaiting a catalyst to break its price consolidation range. In the oil market, prices recorded their biggest gain in August following a production halt at Libya’s biggest oil field, which produces nearly 270,000 barrels of oil per day. Additionally, the U.S. weekly crude stockpile data came in significantly lower than market expectations, alleviating concerns over crude demand.
Economic Calendar (GMT+1)
EURUSD Analysis
Chart Analysis
GBPUSD Analysis
Chart Analysis
GBPJPY Analysis
Chart Analysis
XAUUSD Analysis
Chart Analysis
WTI Analysis
Chart Analysis
Conclusion
Our forex market report offers an overview of critical economic and financial events that impact the global forex markets. Traders should closely monitor developments to fine-tune their trading strategies accordingly. Join us as we explore the market together: https://my.dbinvesting.com/links/go/955
