The Dollar added to the weekly decline and pierced the key 101.00 barrier amid persistently low US yields across the curve and ongoing speculation of a possible half-point interest rate cut by the Fed.
Here’s what you need to know on Friday, September 6:
The US Dollar Index (DXY) added to earlier losses and tested the 101.00 support amid growing caution ahead of the release of the US labor market report on Friday. The crucial Nonfarm Payrolls and Unemployment Rate will be released on September 6, along with Fed (New York) Williams’ speech.
EUR/USD built on Wednesday’s gains and reclaimed the 1.1100 barrier and beyond on the back of a continued bearish bias in the US Dollar. German Trade Balance and Industrial Production results are expected on September 6, followed by the third estimate of the Q2 GDP Growth Rate and final Eurozone Employment Change data.
GBP/USD rose further in line with the rest of its risk peers, approaching the key 1.3200 barrier amid persistent Dollar weakness. The Halifax House Price Index will be released on September 6, along with the BBA Mortgage Rate.
USD/JPY retreated to fresh four-week lows after breaking below the key support of 143.00 on the back of a weaker Dollar, lower yields and hawkish remarks from a BoJ official. Household Spending data and preliminary Coincident and Leading Indicator indices are due for release on September 6.
The AUD/USD rebounded further, holding trade above the key 0.6700 barrier following selling pressure in the Dollar, a recovery in commodity prices and a cautious tone from RBA’s Bullock. The Housing Loans and Housing Investment Finance Reports are due out on September 6.
A fairly volatile day saw WTI prices hit a fresh 2024 low near $68.80, though regaining some bullish momentum subsequently in response to positive OPEC+ news as well as a bullish US weekly crude oil inventories report by the EIA.
Gold prices rose above $2,520 per troy ounce, adding to Wednesday’s advance on the back of further bearish pressure on the US dollar and declining US yields. Silver soared to weekly highs, surpassing the $29.00 per ounce mark and flirting with the interim 55-day and 100-day SMAs.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
