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01.09.2023 Market Report


EUR/USD remains depressed around 1.0845 as traders brace for the top-tier US employment details on early Friday. The Euro pair struggles for clear directions after declining the most in five weeks the previous day.


GBP/USD experienced losses due to US moderate economic data. Investors turn cautious around BoE’s policy decision and the UK’s gloomy economic situation. UK’s FCA stated that British savings account holders can take advantage of higher interest rates.


USD/JPY refreshes intraday high to 145.70 as it pares the first weekly loss in five on the US NFP day. Apart from the pre-data consolidation, the Yen pair also justifies the downbeat Japan data, as well trace a rebound in the Treasury bond yields.


The AUD/USD pair lacks any firm intraday directional bise on Friday and seesaws between tepid gains/minor losses through the Asian session. Spot prices, meanwhile, remain below the 0.6500 psychological mark and move little in reaction to the Chinese macro data.


NZD/USD extends its gains on the second day, trading higher around 0.5970 during the Asian session on Friday. The pair is experiencing upward support due to upbeat data releases of New Zealand’s ANZ – Roy Morgan Consumer Confidence and China’s Caixin Manufacturing PMI for August.


USD/CAD stays defensive around 1.3510 while bouncing off the lowest level in a fortnight heading into Friday’s European session. In doing so, the Loonie pair fails to cheer the firmer prices of Canada’s main export item WTI crude oil as traders brace for the US employment and Canadian growth figures.


USD/CHF bulls attack the key resistance surrounding 0.8840 heading into Friday’s European session as they wait for Swiss Consumer Price Index (CPI) and the US employment data for August. In doing so, the Loonie pair defends the previous day’s rebound from the key moving averages while portraying the market’s cautious mood ahead of the top-tier data/events.


Oil prices were set to snap a two-week losing streak as they rose for a fourth consecutive session on Friday due to tightening supplies and expectations that the OPEC+ group of oil producers would extend output cuts to the end of the year.


Gold Price aptly portrays the pre-NFP trading lull as bulls take a breather above the key support confluence while bracing for the second consecutive weekly gain. In doing so, the XAU/USD also portrays the market’s indecision about the Federal Reserve’s next move.

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