Welcome, traders, to this week’s FXGlobe.com market review. Last week served as a rollercoaster for many assets, setting the stage for potentially more volatility and opportunities in the coming days. Let’s dive right in.
Market Summary
The USD faced some resistance this week, unlike other major currencies. Meanwhile, precious metals like Gold and Silver enjoyed a revival. Even global indices, after a period of pullback, have found their bullish stride again. Cryptocurrencies were the exception, showing no notable gains.
A Look Back at Last Week’s Economic Data
The economic data from last week kept traders on their toes. U.S. Consumer Confidence landed at 106.1, defying expectations. The U.S. job market seemed stable, with Non-Farm Employment Change and Unemployment Rates mostly in line with projections. On the downside, the S&P/CS Composite-20 HPI year-over-year showed a decline, coming in at -1.2%.
In the Charts
This week brought a surprising setback for the US Dollar, until the Friday after NFP, and then resulted in a very strong finish for the Dollar against the major currencies. Metals & Crudes did very well, while cryptocurrencies struggled to maintain their footing. The most exciting news comes from the world of global indices, which, after a period of consolidation, are trending bullish again.
What’s Coming Up? The Economic Calendar for Next Week
Tuesday (Sep 5)
AUD: Cash Rate at 4.10%
AUD: RBA Rate Statement
Wednesday (Sep 6)
AUD: GDP q/q at 0.2%
CAD: BOC Rate Statement
CAD: Overnight Rate at 5.00%
USD: ISM Services PMI at 52.7
Thursday (Sep 7)
AUD: RBA Gov Lowe Speaks
USD: Unemployment Claims at 228K
Friday (Sep 8)
CAD: Employment Change at -6.4K
CAD: Unemployment Rate at 5.5%
The charts of interest
Gold continues to look bullish
The NSDQ or Tech100 has found support and now looks intent on climbing higher.
USDJPY has closed the week with a bullish continuation candle right below resistance. Let’s see how it plays out.
Crude Oil has finished strong, might even have broken through resistance. That means this coming week could provide moves to the upside.
To sum up, last week offered a variety of trading scenarios that saw some winners and some laggards. As we approach a new trading week, it seems prudent to focus on assets that have shown recent strength. That’s all for this week’s FXGlobe.com market review.
