Forex Signals Brief for Sep 3: Looking to Jobless Claims Once Again
Rowan Crosby • 2 min read
US Market Wrap
US markets made yet another ‘record high’ yesterday and we are growing accustomed to the slow and steady grind higher.
That said, the data might have suggested things still weren’t as good as the markets are telling us they are. That was clear when the ADP jobs report missed the mark by around 500K jobs last month falling short of the 1 million expected. This is always a bit of a preview of what is to come on Friday, but it will likely be a large fall from the last month’s number.
The other story of the session was that the USD managed to finally start holding up a little bit for the time being, which is causing the majors to slow down after a big run.
The Data Agenda
Once again the focus is firmly on the state of US jobs today with the weekly jobless claims data set to be released.
We are again looking for this number to fall under the 1 million mark – a level that it has been struggling to crack. At the same time, we also get ISM non-manufacturing PMI for August as well.
Earlier in the session, we should also take note of the UK which has a few key releases today including services and composite PMI while we do also get the same from Germany.
Forex Signal Update
The FX Leaders Team hit 1 winner from 3 trades yesterday, with some mixed price action in the majors.
USD/JPY – Active Signal
The USD/JPY is trending lower on the long term charts, despite the recent pullback. We are short looking for more downside to come.
Gold – Active Signal
GOLD has pulled back sharply from the $2000 level and we have found an opportunity to the long side looking for a quick bounce.
ETH pulled back all the way to the $440 level after getting as high as $489.
While price did drop to around $420, the buyers did swoop back in. This remains bullish price action regardless of the pullback.