The new week started with caution. The US and Canada were off, and news from Europe weren’t exceptional. The data released on Monday showed that the manufacturing PMI figures for August were slightly higher than expected, but numbers in major Eurozone countries remained below 50, in the contraction zone for another month. Volkswagen announced unprecedented factory closures in Germany. But the European indices gained, along with the euro. Mood is different this morning, with the US dollar broadly in demand against major peers.
All eyes are on the US jobs data this week. Investors around the world needs the Federal Reserve (Fed) to start cutting the rates as the sluggish China and slowing developed economies weigh on sentiment. Commodities and metals are under pressure, as mining companies are struggling to maintain the reflation enthusiasm alive.
And speaking of enthusiasm or the lack thereof, September is blamed to be a bad month for both equities and credit. And at the historically high levels, with a decent level of uncertainty regarding what the Fed should (and what the Fed will) do, the geopolitical tensions, war, energy crisis and so, there is little to make this September better than the others.
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 extends losses toward 1.1000, US PMIs awaited](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/money-59004818_XtraSmall.jpg)
EUR/USD extends losses toward 1.1000, US PMIs awaited
EUR/USD resumes the downside toward 1.1000 in the European session on Tuesday. The pair stays on a slippery slope, courtesy of the sustained US Dollar recovery, a cautious mood and uncertainty around the ECB's rate outlook. US ISM Manufacturing PMI awaited.
![GBP/USD drops back toward 1.3100 ahead of US PMI data](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/GBPUSD/iStock-472155766_XtraSmall.jpg)
GBP/USD drops back toward 1.3100 ahead of US PMI data
GBP/USD has come under renewed selling pressure, eyeing 1.3100 in European trading on Tuesday. A fresh US Dollar uptick and a risk-averse market environment bode ill for the pair, as traders shift their focus to the US ISM manufacturing PMI data for fresh trading impetus.
![Gold seesaws as traders fold their arms ahead of labor market data](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/Gold_Bar_XAU_Precious_Metal_XtraSmall.jpg)
Gold seesaws as traders fold their arms ahead of labor market data
Gold trades around $2,500 as risk recedes, markets are calm, and the US Dollar recovers marginally. Traders await US labor market data this week before determining their next moves.
![Bitcoin and Ethereum whale activity declines 50% while BTC, ETH accumulation continues](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin-39275418_XtraSmall.jpg)
Bitcoin and Ethereum whale activity declines 50% while BTC, ETH accumulation continues
Bitcoin and Ethereum whale activity has slowed down since mid-March 2024 when it hit its peak this year. In March 2024, Bitcoin and Ethereum prices hit a peak of $73,777 and $4,093. The two largest cryptocurrencies have noted a correction in their prices since then.
![Week ahead: US labour data and the BoC rate announcement in focus](https://editorial.fxstreet.com/images/Macroeconomics/EconomicIndicator/Employment/NFP/working-america-gm173864680-9188844_XtraSmall.jpg)
Week ahead: US labour data and the BoC rate announcement in focus
With US Federal Reserve Chair Jerome Powell’s recent speech at the Jackson Hole Symposium confirming that it is time to begin easing policy as well as underlining the importance of the jobs market, this week’s jobs data may help determine how the Fed approaches its easing cycle.
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
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.