Metals rising ahead of big week for US data
|Important news for the day
- Tue, 02nd, 16:00 CET US ISM Services PMI.
- Wed, 03rd, 16:00 CET US JOLTS job opening.
- Thu, 04th, 14:15 CET US ADP employment change.
- Thu, 04th, 16:00 CET US ISM services PMI.
- Fri, 045th, 14:30 CET US Non-farm employment change .
Important data
This week will offer an array of important data. The PMI data on Tuesday as well as Thursday might move markets as they will offer further insights into the US economy.
Furthermore the ADP data is expected to come in only at 71.000 jobs, which could be seen slightly positive after the weaker numbers in recent months. The NFP release on Friday will also be interesting as it is also expected at a similar rate. Currently the Dollar is under pressure due to the expectation of the upcoming rate cut by the Federal Reserve. On another note the focus might also be on the JOLTS job openings report to see how many jobs are being offered by the economy.
Market talk
The weakness of the Dollar currently helps precious metals running higher. Gold and Silver broke out of their corrective pattern pushing to the upside. Also oil prices moved slightly higher but might remain in their bearish trend. Negative economic news might hence cause oil and silver to turn weaker again. Cryptos remain under pressure and might continue to push lower. The risk sentiment particularly in the month of September has been negative in the past and following a potential rate cut by the Fed might also turn negative this year.
Tendencies in the markets
- Equities sideways, USD weak, BTC lower, ETH sideways, oil sideways, Silver positive, Gold positive, JPY sideways.
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