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.
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That’s all for now. Happy trading with Valutrades and we will see you tomorrow.
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