Forex Today: The US NFP grabs all the attention

Source Fxstreet

The US Dollar (USD) extended its advance for yet another day on Thursday, reaching new two-month peaks as investors continued to assess the latest FOMC event and higher US inflation, all ahead of the critical release of the Nonfarm Payrolls on Friday.

Here's what to watch on Friday, August 1:

The US Dollar Index (DXY) finally reclaimed the psychological 100.00 barrier and beyond, up for the sixth consecutive day and hitting new two-month highs. The Nonfarm Payrolls will take centre stage at the end of the week, seconded by the Unemployment Rate, the ISM Manufacturing PMI, Construction Spending, the final S&P Global Manufacturing PMI, and the final U-Mich Consumer Sentiment.

EUR/USD held on to the 1.1400 region amid marginal gains, all within a broad-based bearish context. The flash Inflation Rate in the euro bloc will be the salient event on the domestic calendar, alongside the final prints of the HCOB Manufacturing PMI in both Germany and the euro area.

GBP/USD broke below the 1.3200 support to hit new two-month lows, always in response to the persistent upside impulse of the Greenback. The Nationwide House Price Index and the final S&P Global Manufacturing PMI are due across the Channel.

USD/JPY added to Wednesday’s uptick and surpassed the key 150.00 hurdle, climbing to new four-month peaks. Next in Japan will be the Unemployment Rate and the final S&P Global Manufacturing PMI.

AUD/USD could not sustain the initial bullish momentum, deflating to the area of recent lows in the 0.6430-.6420 band. Producer Prices are due in Australia prior to the final S&P Global Manufacturing PMI.

Crude oil prices receded from recent peaks north of the key $70.00 mark per barrel of WTI in response to trade effervescence, the stronger US Dollar, and the build-up in US stockpiles.

Prices of Gold regained some balance and clocked acceptable gains around the $3,300 zone per troy ounce, partially fading the recent deep pullback. Silver prices maintained their bearish stance and dropped to three-week lows near the $36.00 area per ounce.


Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Dips to Two-Week Low Around $113K Ahead of Fed Jackson Hole EventBitcoin continued its downward trajectory on Wednesday, hitting a two-week low as investors trimmed their positions ahead of the Federal Reserve’s upcoming Jackson Hole symposium.
Author  Mitrade
Yesterday 09: 36
Bitcoin continued its downward trajectory on Wednesday, hitting a two-week low as investors trimmed their positions ahead of the Federal Reserve’s upcoming Jackson Hole symposium.
placeholder
UK Inflation Climbs to 3.8% in July, Approaching 4.0% PeakUK consumer price inflation edged up to 3.8% in July from 3.6% in June, slightly surpassing the consensus forecast of 3.7%, official figures showed Wednesday.
Author  Mitrade
Yesterday 09: 15
UK consumer price inflation edged up to 3.8% in July from 3.6% in June, slightly surpassing the consensus forecast of 3.7%, official figures showed Wednesday.
placeholder
OpenAI Introduces Lowest-Cost ChatGPT Subscription in India with UPI Payment OptionOn Tuesday, OpenAI introduced ChatGPT Go, its most affordable AI subscription tier, targeting the price-sensitive Indian market. Nick Turley, OpenAI’s Vice President and Head of ChatGPT, announced the launch via an X post, highlighting that users can pay through India’s Unified Payments Interface (UPI).
Author  Mitrade
8 Month 19 Day Tue
On Tuesday, OpenAI introduced ChatGPT Go, its most affordable AI subscription tier, targeting the price-sensitive Indian market. Nick Turley, OpenAI’s Vice President and Head of ChatGPT, announced the launch via an X post, highlighting that users can pay through India’s Unified Payments Interface (UPI).
placeholder
Small Caps and Value Stocks Lead Gains as S&P 500 AdvancesLast week, the S&P 500 continued its upward momentum despite notable shifts in market leadership.
Author  Mitrade
8 Month 19 Day Tue
Last week, the S&P 500 continued its upward momentum despite notable shifts in market leadership.
placeholder
Australian Consumer Confidence Hits 3-Year High on RBA Rate CutsAustralian consumer sentiment soared to its highest level in over three years in August, buoyed by recent Reserve Bank of Australia (RBA) rate cuts and easing cost-of-living pressures, according to a Westpac-Melbourne Institute survey released Tuesday.
Author  Mitrade
8 Month 19 Day Tue
Australian consumer sentiment soared to its highest level in over three years in August, buoyed by recent Reserve Bank of Australia (RBA) rate cuts and easing cost-of-living pressures, according to a Westpac-Melbourne Institute survey released Tuesday.
goTop
quote