US Pre Market Open: Long gold, New set up for crude oil, adjusting entries for euro and Canadian dollar

AUD/USD is posting small losses below 0.6800 in Asian trading on Tuesday. The widening Australian Current Account deficit in the second quarter weighs on the pair alongside a modest US Dollar uptick and souring risk sentiment. The focus shifts to top-tier US economic data. 

USD/JPY is back in the red, extending below 147.00 in the Asian session on Tuesday. The pair drops as risk sentiment sours on renewed China worries and lifts the haven demand for the Japanese Yen. The downside, however, could be capped by US Dollar rebound ahead of key data. 

The Gold price (XAU/USD) loses ground amid the stronger US Dollar (USD) and higher US Treasury bond yields on Tuesday. Nonetheless, the anticipation that the US Federal Reserve (Fed) will cut interest rates in September might underpin the precious metal price as lower interest rates reduce the opportunity cost of holding non-yielding gold. 

Ethereum (ETH) is up 2% on Monday despite negative sentiment around ETH's historical weak price action in September. Meanwhile, ETH ETFs continue their weak trend, recording another week of net outflows.

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.

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