Interest rates in focus, trading gold with the Nonfarm Payrolls [Video]
|The USD is weaker, in the short term, against its major counterparts like JPY, GBP, CHF and EUR.
Gold however, is ranging and showing us a bit of USD strength in this ranging market.
Ranging markets can be very good for trading major news events and XAUUSD can give us some great opportunities with American Economic News this week like the PMIs today and Wednesday, ADP Employment Change Wednesday and, of course, Friday’s Non-Farm Payrolls.
What we look for are bounces off support or resistance after a news event, or counter-trend price action bouncing off a trend line, when we open a position in the direction of the trend.
GBP is showing strength lately but this week’s Interest Rate Decision, and Governor Bailey’s Speech, will give investors and traders a good idea of how the UK economy is coming out of the pandemic with the employee furlough scheme ending in September.
Other key events include the Australian Interest Rate Decision and Retail Sales, European Retail Sales, and Canadian Employment Change and a PMI.
AUD is weak against all other currencies so, again, look to trade counter-trend price action if the economic news drives it in that direction.
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