Here is what you need to know about the important news between September 04th 2023 and September 08th 2023, where we take a look at the economic data, market news and headlines likely to have the biggest impact on the market prices this week and beyond, as well as the US Dollar, and other key correlated assets.
U.S. dollar index
The index now comes under some tepid selling pressure following two consecutive daily advances, including a move back above the key 104.00 barrier in the second half of last week.
In the meantime, market participants continue to digest Friday’s Nonfarm Payrolls, where the US economy created more jobs than initially estimated (187K jobs), although the jobless rate ticked higher to 3.8% and wage inflation seems to have cooled somewhat during last month.
Back to the Fed, investors continue to favour unchanged interest rates for the remainder of the year, particularly following the recent results from the jobs report as well as other key US fundamentals.
Gold
Gold’s inconclusive price action came on the back of shrinking open interest and rising volume on Friday. Against that, the precious metal could attempt some consolidation in the very near term and with occasional bullish attempts so far capped by the $1950 region per troy ounce, and area also coincident with the interim 100-day SMA.
Oil.
The rally in WTI seems to have met a solid initial resistance around the $85.00 mark per barrel. Friday’s gains in the commodity came in response to rising open interest and volume and leave the door open to the continuation of the current uptrend. Against that, the immediate target emerges at the round level of $90.00 per barrel.
Economic calendar most important releases – All times are GMT.
Monday, September 4, 2023
All Day Holiday United States – Labor Day
All Day Holiday Canada – Labor Day
All Day Holiday Canada – Labor Day
All Day Holiday Canada – Labor Day
All Day Holiday Canada – Labor Day
Tuesday, September 5, 2023
00:30 AUD RBA Interest Rate Decision (Sep)
Wednesday, September 6, 2023
09:45 USD S&P Global Services PMI (Aug)
10:00 USD ISM Non-Manufacturing PMI (Aug)
10:00 USD ISM Non-Manufacturing Prices (Aug)
10:00 CAD BoC Interest Rate Decision
Thursday, September 7, 2023
08:30 USD Initial Jobless Claims
11:00 USD Crude Oil Inventories
19:50 JPY GDP (QoQ) (Q2)
Thanks for reading! Have a great week!
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