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Forex Market Snapshot
The dollar is trading weaker led by USDJPY which has extended yesterday’s slide after breaking a 4- day pattern around 160.
Others are following with a lag,m suggesting frirmer JPY crosses where the market is having more trpuible absorbing the USD selling side *i.e. USDJPT selling) of the trade.
US yields have slipped a touch,crude oil consolidating,.
US Weekly Jobless Claims and ISM Services PMI due later.
In our bog
The Hard Trade: Why Tough Trading Decisions Can Win
The Power of the Hard Trade: Why Uncomfortable Decisions Can Lead to Trading
COMING UP: Data: Chinese RatingDog Services PMI (Aug), Australian Trade Balance (Jul), Swiss CPI (Aug), GDP (Aug), Global S&P Services and Composite PMI Final (Aug), EU PPI (Jul), US Challenger Layoffs (Aug), Trade Balance (Jul), Jobless Claims, ISM Services PMI (Aug), Atlanta Fed GDP (Q3), Canadian Trade Balance
(Jul). Speakers: Fed’s Waller, Hammack, Goolsbee; RBA’s Jones, Hunter. Supply: Japan, Spain, France.
Newsquawk US Market Wrap: Stocks bid with yields and oil little changed
SNAPSHOT: Equities up, Treasuries steepened, Crude up, Dollar down, Gold up.
Treat the end of sumnmer like the first week of a new year.
The start of post-summer is like a mini version of the first week of a new year, which is often characterized by choppy trading and false starts as markets start to restore full liquidity (note the first few days of choppy trade).
This year is complicated by a late US Labor Day holiday on September 8 and the US August jobs report ahead of it so summer in the US goes on for a few more days, suggesting to look for more choppy trade.
Nvidia stock ticked slightly lower on Tuesday, and it closed at 217.40. lf it rebounds, it may reach last Thursday’s high at 230.50. Even higher, it might attempt to climb towards the all-time high at 236.55.
On the other hand, if investor sentiment deteriorates due to escalating geopolitical tensions, the stock may find key support near 200.00. Further down, it might seek solid support at 190.00 as also seen in June and July.
US500 4 HOUR: Round numbers and FIBOS
Trend: Retracing (7616 = 38.2% completed with low at 7610)
Momentum: Short-term down
Pause above 7600 suggests that round numbers likely increasing in importance in the absence of any key nearby supports.
On the upside, bounce high at 7650 (on this CFD chart) suggests this level will be pivotal in setting the tone while within 7600-7700 although 7664+ would be needed to shift the risk back to 7700.
GBPUSD DAILY: Crosses driving it down Momentum: Down
Under pressure following the break of 1.3500-10, which would need to be regained to ease the risk. So far, pausing just above 1.3474, the target following the 1.3510 break.. Looking for a catalyst? Weaker GBP crosses, most notably vs. the JPY (GBPJPY down) but vs. EUR as well (EURGBP up).
USDCAD DAILY: Waiting for the BoC
Trend: Down stalled Momentum: Short-term up
Trying for a breakout above 1.3910 that would expose 1.3964 as the obstacle to a return t .40 BUT only if it becomes support. Focus goes beyond charts where the BoC is expected to keep rates unchanged (hawkish hold or not?) in contrast to expectations of rate hikes in the U.S. and elsewhere this month.
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