What you need to know on Thursday, September 2:
The dollar came under strong selling pressure due to poor employment data from the United States. The country released the ADP survey, which showed that the private sector added just 374,000 new jobs in August, far worse than the 613,000 expected, while the July figure was revised down from 330,000 to 326,000. ISM’s Manufacturing PMI was better than expected at 59.9, although the employment subcomponent contracted to 49 from 52.9. Both figures point to a weak nonfarm payroll report later this week, which in turn will justify US Federal Reserve chief Jerome Powell’s dovish stance on the cut.
EUR / USD is trading near a daily high at 1.1856, while GBP / USD finds sellers around 1.3800. AUD / USD hit 0.7384, clinging to intraday gains, while the loonie was hit by falling oil prices.
Black gold plummeted after comments from Oil Minister Alexander Novak saying that Russian oil companies are ready to increase production beyond the rates and volumes set by OPEC +. The WTI ended the day at $ 68.20 a barrel.
Spot gold has offered traders little this week, currently trading around $ 1,812 a troy ounce, unchanged on the day. The shiny metal is meeting sellers around the 38.2% retracement of the April / June rally to $ 1,825.10, the level that must be broken to become more attractive to the bulls.
Data related to employment in the US will remain in the eye of the storm, ahead of the nonfarm payroll report to be released on Friday.
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