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Forex Signals Brief Sept 4: Eyes on US Employment and Broadcom Earnings
The latest U.S. labor data will continue to be the highlight this week but we also have the Broadcom (AVGO) earnings today.
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Last updated: Thursday, September 4, 2025
Quick overview
- The latest JOLTS report indicates a significant drop in job openings, highlighting a cooling labor market and leading to U.S. dollar selling.
- The Federal Reserve's Beige Book suggests stagnant growth, with officials cautious about inflation impacts from tariffs.
- Equities experienced a slight uptick following a favorable ruling for Apple and Google, while gold prices surged to a record high of $3,578.
- Upcoming employment data, including weekly unemployment claims and ADP Non-Farm Employment Change, is anticipated to provide further insights into labor market conditions.
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MARKETS TREND
The latest U.S. labor data will continue to be the highlight this week but we also have the Broadcom (AVGO) earnings today.
JOLTS Report Signals Strain
The latest JOLTS survey showed a notable decline in job openings, with available positions falling below the number of unemployed Americans for the first time since the pandemic. This shift underscored a cooling labor market and sparked a wave of U.S. dollar selling on Wednesday.
Fed Outlook and Beige Book Insights
The Federal Reserve’s Beige Book painted a picture of near-stagnant growth across most districts. Fed official Musalem struck a slightly less hawkish tone, though policymakers remain cautious about the uncertain impact of tariffs on inflation.
Market Reaction
Equities opened higher after a favorable antitrust ruling for Apple and Google, though the S&P 500 closed flat. Despite this, late-session buying helped stocks notch a second consecutive day of gains. Meanwhile, gold surged to a new record at $3,578, reflecting strong safe-haven demand.
The JOLTS data triggered broad selling of the U.S. dollar, particularly against the yen (USD/JPY), before moderate buying emerged later in the session.
Key Market Events Today
Earnings today
| Broadcom Inc. | Q3 2025 Earnings Announcement | AMC | EPS expected 1.66 |
| lululemon athletica inc. | Q2 2025 Earnings Announcement | AMC | EPS expected 2.92 |
| Copart, Inc. | Q4 2025 Earnings Announcement | AMC | EPS expected 0.36 |
Upcoming Employment Data
Markets now turn to weekly unemployment claims, expected at 230K, and the ADP Non-Farm Employment Change, forecast to slow to 73K from 104K. These releases will provide further clarity on labor market conditions.
ISM Services Snapshot
The services sector remains resilient. The S&P Global flash services PMI eased to 55.4 in August from 55.7 in July, still signaling solid expansion. Sales grew at the fastest pace since December, supported by stronger exports and consumer confidence. However, inflation pressures persisted as service providers passed on higher costs, even as goods price inflation eased slightly.
Last week, markets were quite volatile again, with gold soaring toward $3,500. EUR/USD continued the upward move toward 1.17, while main indices closed higher. The moves weren’t too big though, and we opened 35 trading signals in total, finishing the week with 23 winning signals and 12 losing ones.
Gold Approaches Key Resistance
Following a decline following the Fed’s steady-rate announcement, gold prices rose back above $3,500/oz, with XAU reaching $3,578 yesterday. Soft US labor data, robust safe-haven demand, and a clear break above the 100-day simple moving average are all contributing to the momentum. Following the breakout above $3,500, which is a new record high for XAU, technical charts now indicate that the $3,600/oz zone is the next important resistance region.
Yen Holds In A Tight Range
Foreign exchange markets saw sharp swings. Early in the week, U.S. yield differentials and Japanese capital outflows pushed the dollar above ¥150, but disappointing U.S. jobs data triggered profit-taking, causing the USD/JPY to slide by four yen from its peak. The move underscored persistent volatility as traders weighed Japan’s intervention risks against evolving Fed expectations.
USD/JPY – Weekly Chart
Cryptocurrency Update
Bitcoin Climbs Above the $110K Level Again
Cryptocurrencies remained highly active over the summer. Bitcoin (BTC) climbed to fresh highs of $123,000 and $124,000 in July and August, supported by institutional inflows and technical strength. However, remarks from Treasury Secretary Scott Bessent ruling out U.S. increases to BTC reserves triggered a steep pullback, sending the coin down to $113,000 before recovering above $116,000 last week, however sellers returned and sent BTC below $110,000, however we saw a rebound off the 20 weekly SMA (gray) yesterday.
BTC/USD – Weekly chart
Ethereum Heads to $4,500
Ethereum (ETH) has been similarly strong, surging toward $4,800, its highest since 2021 and near its all-time peak of $4,860. Despite a dip last week, ETH found support at the 20-day SMA, with retail enthusiasm and renewed institutional participation driving fresh upside momentum. However buying resumed and on Sunday ETH/USD printed another record at $4,941. However we saw a retreat to $,000 lows over the weekend, but yesterday buyers returned.
ETH/USD – Daily Chart
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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