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02.09.2022 Market Report


EUR/USD pares the biggest daily fall in seven weeks amid pre-NFP consolidation. Yields keep DXY on bull’s radar despite latest pullback from two-decade high. Hawkish money market bets on ECB rate hike, hopes of overcoming the bloc’s energy crisis to limit downside.


The GBP/USD pair is displaying a lackluster performance in the Asian session as investors are preparing for the US Nonfarm Payrolls (NFP) event. The cable is oscillating in a narrow range of 1.1540-1.1560, however, the downside remains favored amid an overall bearish context.


The USD/JPY pair has recovered its morning losses after slipping to near 139.88. The asset has managed to reach and hover above the 140.00 mark. On a broader note, the asset has displayed a juggernaut rally and refreshed its 24-year high at 140.27.


The AUD/USD pair has sensed barricades around the immediate hurdle of 0.6800 in the Asian session. Earlier, the asset displayed a feeble pullback after printing a fresh six-week low at 0.6771 on Thursday. The less-confident pullback is expected to turn into fresh mayhem after a hiatus as the US dollar index (DXY) is broadly strong.


NZD/USD holds onto the corrective bounce from the 1.5-month low near 0.6080 despite downbeat New Zealand (NZ) trade data during early Friday in Asia. In doing so, the Kiwi pair portrays the consolidation ahead of the key US Nonfarm Payrolls (NFP) while snapping a three-day downtrend.


USD/CAD struggles for clear directions around mid-1.3100s as traders await the key US employment report for August on Friday. The Loonie pair’s latest inaction fails to justify the firmer prices of Canada’s main export item, namely WTI crude oil, as well as ignores the pullback of the US Dollar Index (DXY).


USD/CHF takes offers to refresh intraday low around 0.9800, snapping a five-day uptrend near the highest levels in 1.5 months heading into Friday’s European session.


New lockdowns in China triggered by COVID scares extended the selloff in oil for a third straight day, increasing the likelihood of U.S. crude being pushed below $85 a barrel the first time since late January.


Gold price is advancing gradually higher as the DXY is displaying a subdued performance ahead of the US NFP data. The precious metal is struggling to cross the $1,700.00 mark as investors are awaiting the release of the US employment data for fresh impetus.

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