Market Review, September 4: Dollar Rises After Strong US Jobs Report
United States
The US dollar is strengthening against the yen and euro while showing mixed performance against the pound.
Markets
1
September
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By Sagar Dua - 34
GBP/USD opened the week on a firmer note and recovered towards 1.3550, reversing part of Friday’s decline following Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole Economic Policy Symposium.
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By Sagar Dua
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Brent Crude Oil has extended its rebound and is trading near 91.70 after moving above 90.62, the Murrey [5/8] level. Renewed fighting between the United States and Iran has restored the geopolitical risk premium and brought supply disruptions in the Persian Gulf back into focus.
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By Sagar Dua
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After the U.S. dollar strengthened at the end of last week, the EUR/USD pair slowed its upward movement somewhat. Today, amid renewed dollar weakness, the asset is correcting near the 1.1603 level.
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By Sagar Dua
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The Nikkei 225 recovered towards 66,400 after falling below 65,600 in early trading. Gains in utility and materials shares helped the index rebound, although rising Japanese government bond yields and weakness in technology stocks continue to limit the upside.
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August
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By Sagar Dua
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Last week, the USD/JPY pair resumed its upward movement and tested the upper Bollinger Band at 160.15 (Murray level [5/8]), supported by hawkish comments from U.S. Federal Reserve official Kevin Warsh.
28
August
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By Sagar Dua
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EUR/USD has retreated from its recent highs after rising for most of the past month. The pair is trading near 1.1640 as firm US inflation and labor-market data support the Dollar, although expectations of another European Central Bank rate increase are limiting the decline.
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By Sagar Dua
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The FTSE 100 is attempting a modest rebound near 10813.0 after two consecutive declines. Mining, banking and energy shares are supporting the index, although investors remain cautious ahead of Federal Reserve Chair Kevin Warsh’s Jackson Hole speech and further developments in the Persian Gulf.
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By Sagar Dua
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AUD/USD extended its recovery towards 0.7199 on Friday, supported by strong Australian household spending and growing expectations of another Reserve Bank of Australia rate increase. The pair briefly reached 0.7205, its highest level in three months.
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By Sagar Dua
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USD/CAD is trading near 1.3852 as uneven US Dollar performance and unexpectedly strong Canadian economic data offset the latest escalation in the trade dispute between Washington and Ottawa.
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By Sagar Dua
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WTI Crude Oil pulled back toward 81.83 this week as traders reacted to signs that tensions around the Persian Gulf could ease. However, shipping through the Strait of Hormuz remains severely restricted, leaving the oil market vulnerable to another supply-driven price surge.
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