Friday's non-farm report was in line with a "soft landing" trend, but the dollar index quickly rebounded from the day's low to close up 0.64% at 104.28 as Cleveland Fed President Loretta Mester "hawked" again, hinting at continued tightening.
Non-farm data shows a slowdown in the US economy But the US dollar continues to rise
WCG Markets:2023-09-04
Key Analysis and Trends for Bitcoin, Forex, Stocks, and Commodities
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【Dow Jones】 【Euro】 【Gold】 【Crude Oil】
On Thursday, the Fed's preferred core PCE price index rose slightly as expected, but inflation-adjusted personal consumption expenditures rose more than expected. The dollar index bounced back from Wednesday's two-week low to end up 0.5% at 103.65.
On Friday (September 1), spot gold has suddenly seen a rapid decline in a short term during the Asian market and the gold price has just fallen below the $1940 per ounce mark. The U.S. August non-farm payrolls report is scheduled to come out at 20:30 Beijing time on Friday. Authoritative media surveys show that the U.S. August non-farm payrolls is expected to increased by 170,000, following an expected increase of 187,000 in July.
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The US economic data is mixed, waiting for non-farm employment data to measure the prospects of Fed policy US bond yields fell while the US dollar rose
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WCG Markets:2023-09-01
A snapshot of Thursday's forex market trends, including the U.S. dollar's rebound, Eurozone inflation data, and Bitcoin's price movement.
【Dow Jones】 【Euro】 【Gold】 【Crude Oil】
On Thursday (August 31), spot gold fluctuated in a narrow range during the Asian session, and is currently trading near $1945.21 per ounce. The weak US economic data has deepened expectations that the Fed will temporarily suspend interest rate hikes this year, causing the US dollar index to hit a nearly two-week low near 102.92 on Wednesday and helping gold prices hit a nearly month high of $1948.90 per ounce on Wednesday.
The US GDP growth rate in the second quarter and ADP data released on Wednesday both missed expectations, helping to reduce pressure on the Fed to raise interest rates further. The dollar index staged another "dive" in the US session, falling below 103 round numbers at one point and closing down 0.37% at 103.18.
On Wednesday, the dollar saw its sharpest drop in a month and a half due to the prevailing sentiment among investors that the less-than-expected U.S. jobs data has reduced the chances of additional interest rate increases from the Federal Reserve. Concurrently, the Japanese yen has maintained its position close to 146 against the dollar, bouncing back from its 10-month nadir of 147.375. This resurgence was credited to a decrease in Treasury yields, which undermined backing for the U.S. currency.
After filing for a spot Bitcoin ETF, BlackRock triggered a substantial debate in the cryptocurrency market this year. The final result is uncertain and at the mercy of the Securities and Exchange Commission (SEC). Regardless, the company continues to remain invested in various aspects of the cryptocurrency industry, unbeknownst to many.