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Market Update – September 1 – New Month Same Story – Dollar Bid

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  • USDIndex – holds at 109.00 highs from a test of 108.50 support. Yields rallied again, Dollar on the frontfoot ahead of NFP & Labor Day Holiday, ADP (following revisions to calculation) big miss 132k vs 300k).  Chengdu (120 million) in new lockdown.
  • EURRecord Inflation (9.1%) pressures ECB action (40% chance of 75bp rise next week) – EUR holds at 1.0018.
  • JPY rallies again (new 24 yr highs) eyes key 140.00 & trades; 139.50 BOJ holding accommodative policy line.  
  • GBP new pandemic era lows under 1.1600 now, to 1.1568 lows.  
  • Stocks US stocks weak again (S&P500 -31.00pts (-0.78%) 3955).  Energy & Tech stocks led the decline again as weak news from Nvidia, Tencent & AMD weighed. Futs. -1% at 3930 now.
  • Oil down again on weake outlook, under $90.00 and trades at $88.90 now.
  • Gold – also down and within $1.50 of $1700 earlier, trades at $1707 now.
  • BTC – under 20k again today. 

OvernightCNY Manufacturing PMI data missed (49.5) and returns to contraction. German Retail Sales better than expected (1.9% vs. 0.0%).

Today – EZ, UK & US Manufacturing PMIs, German Retail Sales, Swiss CPI, EZ Unemployment, US ISM Manufacturing, Construction Spending, Speech from Fed’s Bostic.

Biggest FX Mover @ (06:30 GMT) EURCHF (-0.48%). Rejected 0.9830 today following 5-day rally from 0.9559, trades at 0.9786. MAs aligning higher,  MACD histogram positive but signal line falling, RSI 43.00,  H1 ATR 0.00132, Daily ATR 0.000723.

 

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Stuart Cowell

Head Market Analyst

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With over 25 years experience working for a host of globally recognized organisations in the City of London, Stuart Cowell is a passionate advocate of keeping things simple, doing what is probable and understanding how the news, charts and sentiment work together to provide trading opportunities across all asset classes and all time frames.


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