Scarce volatility due to the inactivity in the US markets allowed the appetite for the risk-linked assets to regain some traction at the beginning of a data-packed week, while expectations of a Fed rate cut in September remained well in place.
Here is what you need to know on Tuesday, September 3:
The US Dollar Index (DXY) retreated modestly, although it maintained its trade well above the 101.00 barrier. On September 3, the ISM Manufacturing PMI will take centre stage, seconded by the final S&P Global Manufacturing PMI, Construction Spending and the RCM/TIPP Economic Optimism Index.
EUR/USD reversed part of the recent leg lower and retested the 1.1080 zone following renewed downward bias in the Greenback. The ECB’s af Jochnick, Nagel, and Buch are due to speak on September 3.
GBP/USD mirrored the performance of its risk peers and bounced off recent peaks near 1.3100. The BRC Retail Sales Monitor is expected on September 3.
USD/JPY climbed to two-week highs past 147.00 in response to further depreciation of the Yen. The next data release on the Japanese docket will be the final Jibun Bank Services PMI on September 4.
AUD/USD flirted once again with the key 0.6800 the figure in response to Dollar weakness. The Australian Current Account figures will be published on September 3.
Supply concerns mainly stemming from Libya underpinned the small recovery in WTI prices to the area beyond the $74.00 mark per barrel, managing to partially leave behind Friday’s pronounced pullback.
Gold prices added to Friday’s decline, slightly receding to the area below the $2,500 mark per ounce troy. Silver prices dropped to three-week lows near $28.30 on the back of discouraging prints from Chinese business activity.
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