After posting gains for several days, the dollar has declined versus forex majors on the September 2 forex trading day. It looks like the investors have placed their trust back on other major currencies following the release of better economic forecast and figures, suggesting that global economic recovery, though slow, maybe on its way. From the forecast of -20K in August, there were only 10,000 unexpectedly cut jobs reported that month. These figures helped push the commodities and stock markets to new levels. NASDAQ went up by 2.97%, and Down Jones gained by 2.54%. Crude oil ended up at $73.91 per barrel after a 2.4% gain. Gold, on the other hand, only suffered from a small decline of 0.2% to close at $1,248 per ounce. It is anticipated that the Unemployment Claims will have a 2k increase, from 743K to 745K. From the -2.6%, the Pending Home Sales are expected to come out better at -1.3%.
The euro and pound both gained against the dollar, following the more encouraging global economic data. The EUR/USD closed at a high of 1.2855 and a low of 1.2662, while the GBP/USD pair traded at a low of 1.5336 and a high of 1.5491.
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Due to the response to the FOMC Meeting Minutes, the USD was able to go up against most forex trading majors. During the FOMC meeting, the members shared
different opinions regarding the reinvestment of FED’s profits back into treasuries. In the meeting, the members expressed that doing so might send a bad message to the investors. The CB Consumer Confidence was at 53.5, which was better than the anticipated 50. As for the Chicago PMI, it came out at 56.7, which was worse than the anticipated 57.5.
The stock market posted mixed results; NASDAQ went down by -0.28%, while Dow Jones went up by 0.05%. Crude oil traded at $71.80 per barrel, going down by more than -3%. Gold traded at almost $1,250 per ounce. The ISM Manufacturing Index is anticipated to go down from prior 55.5 to 53. The ADP Nonfarm Employment Change is anticipated to go down from 42k to 13k. As for the other majors, the GBP/USD pair exchanged at a high of 1.5472 and a low of 1.5325. The EUR/USD pair exchanged at a high of 1.2742 and a low of 1.2625.
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Risk aversion led to the US dollar posting gains against many major currencies in the forex trading market. The US stocks market suffered from a drop, with Dow Jones and NASDAQ dropping by -1.39% and -1.56% respectively. The Core Price Index came out as expected at 0.1%, while the report for Personal Spending posted a 0.1% gain from the forecast at 0.4%,. As for the commodities market, crude oil fell near the $74 level per barrel, while gold barely moved and closed at $1,236.50 per ounce.
After posting gains for several days, the euro lost its momentum and declined against the dollar after trading below the 1.27 level. On August 31st, the EUR/USD pair marked a low of 1.2633 and a high of 1.2771. The British pound also fell against the dollar as investors seek safer assets due to the closing of UK banks. The GBP/USD traded between 1.5452 and 1.5574. While major currencies failed to rise against the dollar and other forex majors, the Japanese yen came out strong as ever after posting gains across the board.
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