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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Market Analysis]: Shiro Ishiba was "forced to the palace" within the party, and the US dollar maintained its increase before the release of US data." Hope it will be helpful to you! The original content is as follows:
In the European session on Wednesday, September 3, the US dollar strengthened against other currencies as it attracted safe-haven funds. The U.S. Economic Calendar will release JOLTS job openings and factory order data for July. Later in the session, the Fed's Beige Book and policymakers' zgykf.cnments will be under scrutiny by market participants.
On Tuesday, the sharp sell-off in the global bond market triggered risk aversion in the financial market. Long-term bond yields in major economies are rising, while stock indexes are still under heavy pressure. In turn, the U.S. dollar index rose more than 0.6% on the day and erased most of the losses suffered in the previous week. In early European session on Wednesday, the U.S. dollar index stabilized around 98.50. Meanwhile, U.S. stock index futures rose and fell, after major Wall Street stock indexes closed down deeply on Tuesday.
Australia data showed that the annual GDP of GDP grew by 1.8% in the second quarter. This figure was released after a 1.4% increase in the first quarter, better than the market expectation of 1.6%. Following a sharp decline on Tuesday, the Australian dollar/USD found support under optimistic GDP data and finally traded above 0.6500.
BoJ Governor Kazuo Ueda said on Wednesday that his stance on interest rate hikes has not changed. Ueda further stated that he would not have preconceived review of whether the economic and price movements meet their forecasts. The U.S. dollar/yen continued to rise slightly after Tuesday's rebound, trading above 148.50.
Euro/USD was difficult to gain traction earlier on Wednesday, inTrading below 0.5 after falling more than 1.1650% on Tuesday.
Gold is consolidating its gains around $3,530.
Euro: The euro/dollar tends to remain neutral in the intraday trading. As long as the 1.1573 support level is held, further rebound will be beneficial. The correction decline from 1.1829 should be zgykf.cnpleted when the three waves fell to 1.1390. On the upside, above 1.1741 will first retest the 1.1829 high. Firm breakthroughs will resume a larger upward trend. However, a continuous breakthrough of 1.1573 will weaken this view and indicate that the correction pattern of 1.1829 is extending, and another downward leg is moving towards 1.1390 again.
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