Search LOGIN

Nikkei jumps after Japan PM quits

Trade What’s Happening… Not What You Think Is Gonna Happen.” – Doug Gregory

 

 

HEADLINES

 

 

 

  • Dollar lost for direction awaiting Fed to set its path
  • EUR/USD: Bulls await US NFP on the way to 1.1900
  • Gold logs back-to-back loss; U.S. jobs data expected to provide the metal’s next directional cue
  • Japan’s Nikkei 225 jumps 2% as Prime Minister Suga bows out of governing party’s leadership race
  • Traders identify $51K as the key level for Bitcoin to overcome in the short term
  • RBA: Likely to stick to its taper plan next week – Goldman Sachs

 

 

FOREX

 

 

Dollar lost for direction awaiting Fed to set its path

 

The dollar's direction is in limbo as financial markets await a clearer path from the U.S. Federal Reserve, according to a Reuters poll of FX strategists who were split on where they expected the currency to trade over the next three months.

On the back foot even before Fed Chair Jerome Powell's comments last Friday at Jackson Hole, the greenback has lost almost 1.4% since it hit a nine-month high about two weeks ago. But it is still up around 3% for the year.

 

 

EUR/USD: Bulls await US NFP on the way to 1.1900

 

 

EUR/USD bulls take a breather around monthly peak near 1.1880, despite staying up for the six consecutive days, heading into Friday’s European session.

The major currency pair remains on the front foot as technical breakout joins the market’s increased optimism towards a delayed Fed tapering. However, bulls are probed ahead of the key US Nonfarm Payrolls (NFP), as well as due to covid and geopolitical jitters. Also supporting the pair buyers is the increasing odds of the European Central Bank’s (ECB) softening of the weekly bond purchases.

 

 

COMMODITIES

 

 

Gold logs back-to-back loss; U.S. jobs data expected to provide the metal’s next directional cue

 

Gold futures logged a back-to-back loss on Thursday, failing to find support even with the dollar and bonds yields edging down, as investors looked to August U.S. employment data due Friday to determine the path forward for the Federal Reserve and bullion. Prices for the yellow metal have been “very much lifeless for the past few days as traders aren’t willing to pit big bets ahead” of the U.S. nonfarm payrolls data.”

 

 

STOCKS

 

 

Japan’s Nikkei 225 jumps 2% as Prime Minister Suga bows out of governing party’s leadership race

 

In afternoon trade, the Nikkei 225 surged 1.97% while the Topix index rose 1.62%. The Japanese yen traded at 110.01 per dollar, still stronger than levels around 110.4 seen against the greenback earlier this week. Suga bowing out of the leadership race for his party paves the way for a new prime minister. Suga has been under fire for his handling of the Covid situation in Japan, which included the hosting of the Tokyo Summer Olympic Games while the city was under a state of emergency.

 

 

CRYPTO

 

 

Traders identify $51K as the key level for Bitcoin to overcome in the short term

 

The crypto market is back in high spirits on Sept. 2 after Bitcoin price briefly tapped the $50,000 level in the early morning trading session. The move above the key resistance level came as industry insiders hinted that major companies and institutional investors hinted that recent Bitcoin purchases would soon be disclosed in public documents.

 

 

ANALYSIS

 

 

RBA: Likely to stick to its taper plan next week – Goldman Sachs

 

“RBA will discuss delaying taper.”

“It’s inconceivable that consideration of a delay to tapering would not be on the September meeting agenda.”

“The arguments Governor Lowe made for tapering remain valid.”

“Expect the plan announced in July for a September taper will remain unchanged. “

 

 

CHART

 

 

WTI Crude Oil (Spot) – Daily Candlesticks

Source: GKFX Prime Metatrader 4

WTISPOT has run into a downtrend line that could gap recent gains alongside the $70 handle. Supporting further upside is the break above a possible inverted head and shoulders pattern as well as price bouncing off the 20 DMA. - Prepared by Trading Writers*

 

 

CALENDAR

 

 

*Times in GMT

Source: FX Street Economic Calendar

 

SOURCE

 

https://www.fxstreet.com/economic-calendar
https://www.fxstreet.com/news/rba-likely-to-stick-to-its-taper-plan-next-week-goldman-sachs-202109030247
https://www.cnbc.com/2021/09/03/asia-markets-china-economy-us-jobs-data-alibaba-currencies-oil.html
https://cointelegraph.com/news/traders-identify-51k-as-the-key-level-for-bitcoin-to-overcome-in-the-short-term
https://www.fxstreet.com/news/eur-usd-bulls-await-us-nfp-on-the-way-to-11900-202109030336
https://www.marketwatch.com/story/gold-futures-edge-higher-as-dollar-and-treasury-yields-slip-11630584675

Topics :

UNLIMITED ACCESS!

The best way to keep track of your accounts. Get notifications
and access your dashboard any time!

Open a live or demo account, make secure deposits or get latest
market updates for free!