Welcome to this week’s Market Blast Fundamentals.
I’m Brad Alexander and on behalf of Valutrades, today we will take a look at Gold (XAUUSD), WTI (US Oil), USDCHF, and EURUSD.
We are seeing a weaker USD after Jerome Powell’s Jackson Hole speech, Friday, where he talked about job recovery doing well but having room for improvement, inflation is not as temporary as they thought, the tapering of bond purchasing may start this year, and they won’t be raising interest rates any time soon.
We will look at some technical opportunities tomorrow as we will be looking for reversals but, meanwhile, keep an eye on the key levels as we see EURUSD just below $1.18.
USDCHF has bounced off support, and it looks like a ranging market for now, but watch out for Thursday’s Swiss GDP figures and lots of Economic News from the US with today’s Pending Home Sales, tomorrow’s Consumer Confidence, 2 PMIs this week, and of course, the Non-Farm Payrolls.
Keep in mind that all of these figures will reflect the effects of the COVID pandemic on the US as summer comes to an end.
WTI opened higher but quickly retreated with fears of Hurricane Ida hitting Texas and the Gulf this week.
And, finally, we see price action on Gold rising above $1800 again based on the weaker USD.
Thanks for watching and don’t forget to subscribe to our YouTube Channel and register on the Valutrades website to get notifications on new content as it happens.
That’s all for now. Happy trading with Valutrades and we will see you tomorrow.
CFDs and FX are leveraged products and your capital may be at risk.
Disclaimer:
The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.
Comments