- 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.
- EUR – Record 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.
Overnight – CNY 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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