Market Update - 01 Sep 2023

USD/CHF struggles to extend the previous day’s strong gains ahead of top-tier Swiss, US data. Upbeat MACD signals, sustained trading beyond the key DMA convergence keeps Swiss Franc pair buyers hopeful. Six-month-old falling resistance line holds the key to pair’s further advances. (FXStreet)

USD/CAD lacks clear directions at the lowest levels in two weeks, prods four-day losing streak. Oil price cheers China-inspired optimism, supply-crunch woes to refresh three-week high above $83.00. Upbeat US inflation, activity data prod previous concerns about Fed policy pivot, highlighting US employment figures. Canada Q2 and monthly GDP figures will also provide fresh impulse to Loonie pair. (FXStreet)

AUD/USD consolidates the first weekly gain in seven within fortnight-long bullish channel. Pre-NFP positioning allows Aussie buyers to take a breather. 100-SMA restricts immediate downside ahead of channel’s bottom line, resistance-turned-support trend line. Bulls should remain cautious below 1.5-month-old descending resistance line. (FXStreet)

GBP/USD experienced losses due to US moderate economic data. Investors turn cautious around BoE’s policy decision and the UK’s gloomy economic situation. UK’s FCA stated that British savings account holders can take advantage of higher interest rates. (FXStreet)

The index trades without direction around 103.60. US yields appear side-lined around recent levels. Investors’ focus remains on the US NFP, ISM gauge. The USD Index (DXY), which tracks the greenback vs. a bundle of its main rival currencies, trades within a narrow range around 103.60 at the end of the week. (FXStreet)

USD/JPY is experiencing losses due to China’s fiscal measure and upbeat PMI. PBoC reduced FX RRR to 4% to slow down the weakening pace of the Chinese Yuan. Greenback retreats from the recent gains ahead of the US economic data. (FXStreet)

EUR/USD holds lower grounds after falling the most in five weeks the previous day. Eurozone inflation halved in the last four months versus January-April period. US Core PCE Price Index appears positive but lacks details to ensure Fed rate hikes. Firmer US employment data eyed to defend higher rates and can weigh on Euro price. (FXStreet)

GBP/JPY remains depressed for the second straight day, albeit lacks follow-through selling. A modest pickup in demand for the safe-haven JPY exerts downward pressure on the cross. The BoJ-BoE policy divergence warrants caution before positioning for any further losses. (FXStreet)

NZD/USD lacks any firm direction on Friday and seesaws between tepid gains/minor losses. A positive risk tone and the upbeat Chinese PMI lend some support to the risk-sensitive Kiwi. The uncertain Fed rate-hike path caps the USD and also contributes to limiting the downside. Traders keenly await the release of the crucial US NFP report before placing aggressive bets. (FXStreet)

EUR/GBP snaps two-day losing streak due to upbeat Eurozone inflation. Eurozone headline inflation rose by 0.6% against the expectations of 0.1% decline. Sterling Pound traders seek more cues on BoE's policy decision amid the UK's challenging economic conditions. (FXStreet)

WTI prices gain traction for four straight days above $83.20 a barrel. Russian authorities agreed to cut oil production and will reveal the new parameters next week. Higher WTI prices are also bolstered by the big draw in US crude oil inventories. Oil traders will monitor the Chinese Caixin Manufacturing PMI, US Nonfarm Payrolls. (FXStreet)

Natural Gas Price seesaws at three-week high, lacks momentum of late. Sluggish oscillators, pre-NFP trading lull prod XNG/USD traders at multi-day high. Convergence of 200-DMA, six-month-old resistance line appears a tough nut to crack for Natural Gas buyers. XNG/USD sellers need confirmation of 15-week-old rising wedge. (FXStreet)

Thursday’s small downtick in gold prices came in tandem with shrinking open interest and volume, which removes strength from a sustained pullback and exposes the resumption of the prevailing bullish trend. Next on the upside for the precious metal emerges the provisional 100-day SMA at $1954 per troy ounce. (FXStreet)

A decision on spot Bitcoin ETFs is pushed back to mid-October by the SEC. Bitcoin gives back all of this week’s bullish run-up. (DailyFX)

Source: FXStreet

Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.