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11.09.2022-15.09.2023
Good afternoon traders.
We look back at these last five trading days with a focus on the events that had the most impact on the financial market. Dollar is making a powerful rally this week, breaking through near-term resistance levels against all its major counterparts. USDJPY reached a new year-high, while EURUSD and GBPUSD plummeted to their lowest levels since mid-June. AUDUSD dropping to its lowest point since last November.
The U.S. markets were closed on Monday, September 4, in observance of the Labor Day holiday. U.S. stocks closed lower on Tuesday, September 5, as investors weighed news of weakening economic data out of China and Europe, the first decline in U.S. factory orders in four months.
On Wednesday, September 6, Bank of Canada (BoC) left policy rates unchanged as widely expected at the interim meeting. USDCAD holds steady after BoC opts to keep interest rates unchanged.
On Thursday, September 7, The ISM services which is well exceeded market expectations, the highest reading since February with business activity. Next week Wednesday is the big one where we get further insight into US inflation a week before the Fed meeting.
In the eurozone PMI services final and PPI figures came to cement the no change expectation, and into next week’s European Central Bank (ECB) meeting. RBA holds rates steady at 4.10% in a widely expected move.
Both WTI and Brent Oil prices falling back but set for another weekly gain, oil prices have fallen due to a strong dollar, concerns over Chinese demand, and profit-taking. The increase in oil prices this week was driven by Saudi Arabia’s decision to extend its production cut and Russia’s decision to extend its export cut until year-end.
Gold and Silver have experienced significant declines this week Technically speaking, largely due to Dollar’s strength.
Looking ahead of next week.
|
Monday 11 September 2023 |
||||
|
Time CET (GMT+1) |
Cur. |
Event |
Forecast |
Previous |
|
09:00 |
GBP |
BoE MPC Member Pill Speaks |
- |
- |
|
09:00 |
CNY |
New Loans |
1150B |
346B |
|
18:00 |
USD |
3-Year Note Auction |
- |
4.398% |
|
Tuesday 12 September 2023 |
||||
|
Time CET (GMT+1) |
Cur. |
Event |
Forecast |
Previous |
|
07:00 |
GBP |
Claimant Count Change |
- |
29.0k |
|
10:00 |
EUR |
German ZEW Economic Sentiment |
-12.3 |
|
|
17:00 |
USD |
EIA Short-Term Energy Outlook |
- |
- |
|
Wednesday 13 September 2023 |
||||
|
Time CET (GMT+1) |
Cur. |
Event |
Forecast |
Previous |
|
07:00 |
GBP |
GDP (MoM) (Jul) |
- |
0.5% |
|
13:30 |
EUR |
Core CPI (MoM) (Aug) |
- |
0.5% |
|
13:30 |
USD |
CPI (MoM) (Aug) |
- |
0.2% |
|
Thursday 14 September 2023 |
||||
|
Time CET (GMT+1) |
Cur. |
Event |
Forecast |
Previous |
|
02:30 |
AUD |
Unemployment Rate (Aug) |
- |
3.7% |
|
13:15 |
EUR |
ECB Interest Rate Decision (Sep) |
- |
4.25% |
|
13:30 |
USD |
Initial Jobless Claims |
- |
- |
|
13:45 |
EUR |
ECB Press Conference |
- |
- |
|
Friday 15 September 2023 |
||||
|
Time CET (GMT+1) |
Cur. |
Event |
Forecast |
Previous |
|
03:00 |
CNY |
Industrial Production y/y |
- |
3.7% |
|
13:30 |
USD |
NY Empire State Manufacturing Index (Sep) |
-19.00 |
|
|
15:00 |
USD |
Prelim UoM Consumer Sentiment |
69.5 |
|
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