Welcome, traders, to this week’s FXGlobe.com market review. Last week served as a rollercoaster for many assets, setting the stage for potentially more volatility and opportunities in the coming days. Let’s dive right in.

Market Summary

The USD faced some resistance this week, unlike other major currencies. Meanwhile, precious metals like Gold and Silver enjoyed a revival. Even global indices, after a period of pullback, have found their bullish stride again. Cryptocurrencies were the exception, showing no notable gains.

A Look Back at Last Week’s Economic Data

The economic data from last week kept traders on their toes. U.S. Consumer Confidence landed at 106.1, defying expectations. The U.S. job market seemed stable, with Non-Farm Employment Change and Unemployment Rates mostly in line with projections. On the downside, the S&P/CS Composite-20 HPI year-over-year showed a decline, coming in at -1.2%.

In the Charts

This week brought a surprising setback for the US Dollar, until the Friday after NFP, and then resulted in a very strong finish for the Dollar against the major currencies. Metals & Crudes did very well, while cryptocurrencies struggled to maintain their footing. The most exciting news comes from the world of global indices, which, after a period of consolidation, are trending bullish again.

What’s Coming Up? The Economic Calendar for Next Week

Tuesday (Sep 5)

AUD: Cash Rate at 4.10%

AUD: RBA Rate Statement

Wednesday (Sep 6)

AUD: GDP q/q at 0.2%

CAD: BOC Rate Statement

CAD: Overnight Rate at 5.00%

USD: ISM Services PMI at 52.7

Thursday (Sep 7)

AUD: RBA Gov Lowe Speaks

USD: Unemployment Claims at 228K

Friday (Sep 8)

CAD: Employment Change at -6.4K

CAD: Unemployment Rate at 5.5%

The charts of interest

Gold continues to look bullish

 weekly 1 sep 2023 gold spot weekly

The NSDQ or Tech100 has found support and now looks intent on climbing higher.

 weekly 1 sep 2023 us500 spot weekly

USDJPY has closed the week with a bullish continuation candle right below resistance. Let’s see how it plays out.

weekly 1 sep 2023 usdjpy daily

Crude Oil has finished strong, might even have broken through resistance. That means this coming week could provide moves to the upside.

weekly 1 sep 2023 usoil spot weekly

To sum up, last week offered a variety of trading scenarios that saw some winners and some laggards. As we approach a new trading week, it seems prudent to focus on assets that have shown recent strength. That’s all for this week’s FXGlobe.com market review.


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