Ipek Ozkardeskaya
Swissquote Bank Ltd
Last week ended on an ugly note, really, as the jobs data from the US revealed throughout the week was weak, but maybe not weak enough to tilt the Federal Reserve (Fed) expectations toward a clear direction. US yields fell and the equities fell, the USDJPY fell to the lowest levels since August meltdown.
And if it’s not enough, the data released in the earliest hours of this week pointed that the Japanese economy recovered slower-than-expected but that the price pressures remained higher than expected in Q2, and that inflation in China came in below estimates as well, not helping to relieve the growing tensions about China and its sputtering economy. The Nikkei index is down by more than 0.60% at the time of writing and China’s CSI 300 is down by more than 1%.
US crude fell 1.75% on the back of the mixed US jobs data on Friday, closed last week below the $70pb psychological level, copper futures remain below the 200-DMA. Good news is, US futures are in the positive, hinting that we could see a small rebound after last week’s heavy selloff as attention shifts to Apple’s product reveal, US CPI update and the European Central Bank (ECB) decision.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
Recommended Content
Editors’ Picks
EUR/USD holds losses near 1.1050 amid USD demand, dismal EU Sentix
EUR/USD is holding lower ground near 1.1050 in the European session on Monday. Renewed US Dollar buying, amid a cautious market mood, and dismal Eurozone Sentix Investor Confidence Index exert downward pressure on the pair. A potential ECB rate cut this week also keeps the pair on the back foot.
GBP/USD remains pressured near 1.3100 amid cautious mood
GBP/USD extends its downbeat momentum below 1.3100 in European trading on Monday. The pair is weighed down by resurgent demand for the US Dollar, as traders stay cautious due to US slowdown concerns, ahead of the key inflation data later this week.
Gold price remains depressed below $2,500 amid stronger USD, downside seems limited
Gold price (XAU/USD) attracts some sellers for the second straight day on Monday and lanugishes below the $2,500 psychological mark through the Asian session.
Over $100 million in token unlocks could affect crypto this week
Data from TokenUnlocks show key token unlocks worth $115 million scheduled for this week. The top three are Aptos (APT), Starknet (STRK) and Xai (XAI), these account for $115.80 million in unlocks this week.
Week ahead: ECB poised to cut again, US CPI to get final say on size of Fed cut
ECB is expected to ease again, but will it be another ‘hawkish cut’? US CPI report will be the last inflation update before September FOMC. UK monthly data flurry begins with employment and GDP numbers.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.