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USD Higher and Gold Lower on Great NFP Report. China/US Tensions Affect Markets.


Hey Valutraders! Did you see how the great US NFP report affected Gold?

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I’m Brad Alexander and in this week’s Market Blast Fundamentals let’s take a look at WTI (USOil), the NASDAQ (US100), AUDUSD, USDJPY and Gold (XAUUSD).

Last week we said the economic events would affect the USD and Gold and we were not wrong.Screenshot 2023-02-06 at 19.00.26

The expected 0.25% interest rate rise and optimistic talk by Jerome Powell weakened the USD.  Why?

Because the market saw this as a strong signal that the Fed will pivot soon and start to lower interest rates.

However, Friday’s Non-Farm Payrolls were excellent and WAY beyond analysts’ expectations, thereby strengthening the USD.

The Unemployment Rate is at its lowest since 1969 at 3.4% and this all sounds great, but it means that the Fed will NOT be lowering Interest Rates any time soon, contrary to Powell’s earlier speech.Screenshot 2023-02-06 at 19.00.41

This also affected Gold dramatically, with price action falling to a key level at $1,860.

We see the same effect with the Fed speech strengthening Gold, and then the NFP report knocking it back.Screenshot 2023-02-06 at 19.00.47

Also, we see a gap in price action on USDJPY but be careful as the gap has jumped a key demand zone.

Let’s look at this from the technical side tomorrow.

We will be watching Australian Dollar pairs tomorrow as the RBA will be announcing its Interest Rate decision.Screenshot 2023-02-06 at 19.00.57

Remember, the RBA is still trying to fight inflation so we will likely see a rise in rates of at least 0.25%.

The markets will be watching speeches this week from Jerome Powell, the Bank of Canada, the Bank of England, and an EU Leaders Summit for news on everything, especially inflation, Interest Rates, QE and QT.Screenshot 2023-02-06 at 19.01.14

The stock markets, like the NASDAQ, did well last week, then retreated just like the USD but, with the US shooting down a Chinese spy balloon, this has put international relations in the news again.Screenshot 2023-02-06 at 19.01.22

The idea of higher Interest Rates caused WTI and Brent Crude to plummet to support in WTI’s $73 range.

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

CFDs and FX are leveraged products and your capital may be at risk.6 February 2023 Fundamentals EN TN



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.