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analysis.hotforex.comMarket Update – September 5

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Market Update - September 5

  • USDIndex – holds at 110.25 highs. Yields plunged after NFP and as the curve bull steepened. Asian markets struggled after Wall Street closed in negative territory following news that won’t be re-opening gas deliveries to Europe via Nord Stream 1 as scheduled.

  • EUR – 20-year lows – tumbled back below parity, today’s low at 0.9876 as the standoff with  continues.

  • JPY holds at 140 area.

  • GBP fell to 1.1442, the weakest since March 1985.

  • Stocks – US closed for Labour Day today. GER40 & UK100 are down -3% and -1% respectively this morning, with recession concerns deepening. ASX and Nikkei closed narrowly mixed. Major stock markets are posting 1-month declines from nearly -2% (TSX) to over -8% (NASDAQ).

  • Oil got a boost from the jump in gas prices as traders look ahead to the OPEC+ meeting. USOIL is at $88.45 from $85.70.

  • Gold – also down and within $1.50 of $1700 earlier, trades at $1707 now.

  • BTC – 19.4K-20.5K.

WeekendGazprom announced on Friday that the main pipeline to Germany would remain closed indefinitely, against expectations of a restart on Saturday after three days of maintenance work.

Today – All eyes will be on the monetary policy decisions from the ECB, BoC, RBA. Final readings for Eurozone and UK Services and Composite PMs are due today. In the UK the Conservative Party is set to announce that Liz Truss won the leadership contest and will succeed Boris Johnson as the next Prime Minister for the UK.

Biggest FX Mover @ (06:30 GMT) EURUSD(-0.48%) found a near term support at 0.9877. MAs aligning lower, MACD lines extend southwards, RSI 38,  H1 ATR 0.00199, Daily ATR 0.00996.

Click here to access our Economic Calendar

Andria Pichidi

Market Analyst

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