During the Asian session, Japan's labor market data is due, with the Unemployment Rate expected to remain at 2.5% in July. Later, current RBA Deputy Governor Michele Bullock will deliver a speech. In the US, the employment data round starts with the JOLTS report.
Here is what you need to know on Tuesday, August 29:
The US Dollar lost ground on a quiet Monday, as stocks in Europe and the US recorded gains. The US Dollar Index pulled back towards 104.00 while US Treasury yields retreated, with the 10-year yield falling to 4.20%.
Regarding US economic data, the Dallas Federal Reserve Manufacturing Index improved to -17.2 from -20, although the details were not particularly positive. On Tuesday, the JOLTS Job Openings report will be released, marking the beginning of several labor market figures, including Nonfarm Payrolls on Fridays. The core Personal Consumption Expenditure Price Index is scheduled for release on Thursday.
EUR/USD moderately rose above 1.0800 on Monday and remained above the 200-day Simple Moving Average. On Tuesday, the German Gfk Consumer Confidence survey is due, while later in the week, the focus will shift to August preliminary inflation figures.
GBP/USD rebounded after a five-day decline, struggling to break above 1.2600. The Pound was supported by improved risk sentiment.
USD/JPY marginally rose and settled around 146.50, marking its highest daily close since November. Japanese labor market data is scheduled for release on Tuesday.
USD/CAD traded sideways around 1.3600, holding onto recent gains. The overall trend remains upward, but a strong barrier exists at 1.3650.
AUD/USD moved sideways but finished higher following positive Australian retail sales data and a weaker US Dollar. On Tuesday, Michele Bullock, who will become the Governor of the Reserve Bank of Australia (RBA) in three weeks, will deliver a speech.
NZD/USD struggled to move away from the critical 0.5900 area, posting minor gains. The bias remains to the downside, but as long as it remains above 0.5900, there could be a corrective move higher.
Gold reached weekly highs above $1,925 as US yields retreated but later trimmed its gains. It is consolidating around $1,920. Silver traded sideways and finished flat around $24.20.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD remains vulnerable near 0.6200 after Chinese inflation data
AUD/USD remains vulnerable near the 0.6200 mark following mixed Australian data and as expected China's inflation numbers. The RBA's dovish shift and China's economic woes add to the weight on the Aussie as risk sentiment remains tepid. Fedspeak eyed.
USD/JPY: Bears attack 158.00 on strong Japanese wage growth data
USD/JPY drifts lower and attacks 158.00 early Thursday after data showed that base salaries for Japanese workers increased at the fastest pace in 32 years. The data backs the case for the BoJ to raise interest rates, which, along with the cautious market mood, benefits the safe-haven Yen and drags the pair away from a multi-month top.
Gold retreats from monthly high as Fedspeak grabs attention
Gold price pulls back from a monthly high of $2,670 set on Wednesday as buyers turn cautious after discouraging China’s inflation data and the hawkish Federal Reserve Minutes. All eyes now remain on a bunch of Fed speakers due to speak later amid US holiday-thinned market conditions.
Ripple's XRP eyes recovery following executives' dinner with Donald Trump
Ripple's XRP is up 2% on Wednesday following positive sentiments surrounding its CEO Brad Garlinghouse's recent dinner with incoming US President Donald Trump. If the recent recovery sentiment prevails, XRP could stage a breakout above the upper boundary line of a bullish pennant pattern.
Bitcoin edges below $96,000, wiping over leveraged traders
Bitcoin's price continues to edge lower, trading below the $96,000 level on Wednesday after declining more than 5% the previous day. The recent price decline has triggered a wave of liquidations across the crypto market, resulting in $694.11 million in total liquidations in the last 24 hours.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.