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Market Update - 04 Sep 2023

NZD/USD regains positive traction on Monday and is supported by subdued USD price action. The upbeat market mood undermines the safe-haven buck and benefits the risk-sensitive Kiwi. Bets that the Fed will keep rates higher for longer help limit the USD losses and cap the major. (FXStreet)

USD/JPY trades lower around 146.10, struggling to extend gains. MACD suggests that recent momentum is tepid as lies below the signal line. 147.00 psychological level emerges as the key resistance aligned to the previous week’s high. (FXStreet)

AUD/JPY gains traction around 94.50 ahead of Australia’s key events. The Reserve Bank of Australia (RBA) is expected to keep its key interest rate unchanged at 4.10% on Tuesday. Japanese policymakers said that there is no indication of intervention in the market to shore up the weak yen. Investors will closely watch the RBA Interest Rate Decision, Gross Domestic Product (GDP) for Q2. (FXStreet)

EUR/USD hovers around 1.0780 amid the thin trading volume due to the US holiday. European Central Bank (ECB) Governor Pierre Wunsch said it's too early to talk about ending hikes entirely. US Nonfarm Payrolls for August came in at 187K better than the estimation of 170K and July's reading of 157K. (FXStreet)

USD/CAD oscillates in a narrow band below the 1.3600 mark on Monday. The technical setup favours bulls and supports prospects for further gains. A convincing break below the 200-day SMA will negate the positive bias. (FXStreet)

The index meets some selling pressure near recent tops. US markets will be closed on Monday due to Labor Day holiday. Markets continue to digest Friday’s Payrolls (+187K). The USD Index (DXY), which gauges the greenback vs. its main rival competitors, faces some downside pressure around recent peaks near 104.30. (FXStreet)

GBP/USD attracts some buyers above the 1.2600 mark in the early European session. US Nonfarm Payrolls (NFP) for August came in better the expected; Manufacturing PMI rose to 47.6 vs. 46.4 prior. UK S&P Global/CIPS Manufacturing PMI came in at 43.0 In August from 45.3 in July. Investors await the US ISM Services PMI for August for fresh impetus. (FXStreet)

USD/CHF prints the first daily loss in three within one-month-old rising trend channel. Cautious mood ahead of Swiss Q2 GDP, US Labor Day holiday allows traders to pare recent moves. Buyers remains hopeful unless breaking 0.8700; June’s low acts as additional upside filter. (FXStreet)

EUR/SEK extends its upside around 11.8875 for the four straight days. The cross trades within the ascending trend-channel on the four-hour chart; the RSI stands in bullish territory above 50. The initial support level is located at 11.8650; a high of September 1 at 11.9240 acts as an immediate resistance level. (FXStreet)

AUD/USD consolidates above 0.6450 after the US mixed employment data. Investors turn cautious on the expected 25 bps rate hike by the Fed, following the moderate employment figures. Aussie traders anticipate that the RBA will extend the rate pause for a second successive month. (FXStreet)

USD/RUB trades with modest gains around 96.40 amid the Russian Ruble weakness. Russia's Manufacturing PMI for August came in better than expected; the Unemployment Rate declined to 3.0% from 3.1%. US Nonfarm Payrolls for August were better than estimated. (FXStreet)

USD/INR snaps two-day losing streak amid sluggish Asian session. China’s Xi advocates opening of services industry, appoints special cell to promote private economy. US-China tension, US Labor Day Holiday prods market sentiment and Indian Rupee moves. (FXStreet)

EUR/JPY attracts fresh buyers on the first day of a new week and snaps a two-day losing streak. The BoJ’s dovish stance, along with a positive risk tone, undermines the JPY and lends support. Expectations that the ECB will pause its rate-hiking cycle hold back bulls from placing fresh bets. (FXStreet)

Gold price regains positive traction and remains within the striking distance of a one-month top. Expectations that the Federal Reserve is down with its rate-hiking cycle underpin the XAU/USD. A positive risk tone might hold back bulls from placing aggressive bets and cap any further gains. (FXStreet)

Silver edges lower for the fourth successive day and touches a one-week low on Monday. The mixed oscillators on hourly/daily charts warrant caution before placing directional bets. A sustained move beyond the $25.00 mark will be seen as a fresh trigger for bullish traders. (FXStreet)

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.