Market Update – September 1 – New Month Same Story – Dollar Bid

 Market Update – September 1 – New Month Same Story – Dollar Bid

USDIndex – holds at 109.00 highs from a test of 108.50 support. Yields rallied again, Dollar on the frontfoot ahead of NFP & Labor Day Holiday, ADP (following revisions to calculation) big miss 132k vs 300k).  Chengdu (120 million) in new lockdown.
EURRecord Inflation (9.1%) pressures ECB action (40% chance of 75bp rise next week) – EUR holds at 1.0018.
JPY rallies again (new 24 yr highs) eyes key 140.00 & trades; 139.50 BOJ holding accommodative policy line.  
GBP new pandemic era lows under 1.1600 now, to 1.1568 lows.  
Stocks US stocks weak again (S&P500 -31.00pts (-0.78%) 3955).  Energy & Tech stocks led the decline again as weak news from Nvidia, Tencent & AMD weighed. Futs. -1% at 3930 now.
Oil down again on weake outlook, under $90.00 and trades at $88.90 now.
Gold – also down and within $1.50 of $1700 earlier, trades at $1707 now.
BTC – under 20k again today. 

OvernightCNY Manufacturing PMI data missed (49.5) and returns to contraction. German Retail Sales better than expected (1.9% vs. 0.0%).

Today – EZ, UK & US Manufacturing PMIs, German Retail Sales, Swiss CPI, EZ Unemployment, US ISM Manufacturing, Construction Spending, Speech from Fed’s Bostic.

Biggest FX Mover @ (06:30 GMT) EURCHF (-0.48%). Rejected 0.9830 today following 5-day rally from 0.9559, trades at 0.9786. MAs aligning higher,  MACD histogram positive but signal line falling, RSI 43.00,  H1 ATR 0.00132, Daily ATR 0.000723.


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Stuart Cowell

Head Market Analyst

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