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All Attention Turns to U.S. Non-Farm Payroll

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Markets are awaiting the U.S. non-farm payroll data, which will be released later on today. The U.S. NFP is expected to be around 180k and the Unemployment Rate is expected to be at 4.8 in August.
The U.S. dollar index fell to 95.60, after a report showed weakness in U.S. manufacturing last month.

On Thursday, The Institute for Supply Management’s index of manufacturing activity fell to 49.4 in August, for the first time since February.

Also, on Tuesday, Gold hit new highs after disappointing ISM Manufacturing data was released. The yellow metal settled at support levels of $1,315 in anticipation of U.S. non-farm payroll data. Technically, the precious metal could trade under pressure and decline to $1,300, if everything goes well with the U.S. non-farm payroll data.
USD touched ¥104 during yesterday’s trading session before declining to ¥103. Technically, USD could trade above ¥104, if everything goes well with the U.S. non-farm payroll data.

GBP rose as much as 1% vs. USD and settled at 1.3250 as the UK's manufacturing sector rose sharply to 53.3 in August. From a technical point of view, Cable could settle at $1.32 by the end of the week. On the other hand, the Eurozone's manufacturing sector fell to 51.7 in August, unlike expectations that pointed to a rise of 52.8. Despite such decline, EUR re-tested $1.12, thanks to weak USD. From a technical point of view, Fiber could be affected negatively by U.S. non-farm payroll data.

Oil prices fell by more than 2% yesterday, heading for their sharpest weekly loss since January, as traders ignored that OPEC might freeze production. U.S. crude settled at $43.25, as U.S. crude inventories rose. Technically, the next support levels might be seen at $42.50.

The most important economic events:

  • USD Change in Non-farm Payrolls (AUG): (GMT 14:30) Important – Forecast (180k) – Previous (255k).
  • USD Unemployment Rate (AUG): (GMT 14:30) Important – Forecast (4.8%) – Previous (4.9%).

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