Global market snapshot: US Q2 GDP rose to highest level since 2014 Q3 - ANZ

Ross J Burland FXStreet

Analysts at ANZ Bank New Zealand Limited ("ANZ") noted the key events ending markets last week.

Key Quotes:

"US Q2 GDP rose by 4.1% saar, its highest level since 2014 Q3. The data were in line with expectations but below some of the punchier estimates, leaving financial markets little changed. Trump spoke saying the fantastic numbers will only get better as he agrees trade deals."

"The USD was little changed; the focus is very much on the FOMC statement this week, which is widely expected to acknowledge the solid growth environment, convergence of inflation to target and appropriateness of further gradual policy normalisation."

"Otherwise, it was a quiet night for data."

"European equities continued to firm, with the major indexes up 0.4%-0.6%. The S&P 500 fell 0.7%, with tech stocks dragging. Fixed income was little changed in the US but bund yields were a touch firmer."

"WTI oil fell late in the session before bouncing to sit at USD68.60/bbl."

"Gold was 0.1% firmer at USD1224/oz."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

AUD/USD holds steady near 0.7200 amid escalating US-Iran tensions

AUD/USD consolidates just below its highest level since mid-May, touched on Friday, and hovers around 0.7200 at the start of a new week amid mixed cues. Hawkish RBA expectations continue to act as a tailwind for the Aussie. Meanwhile, the upbeat US NFP report lifted Fed rate hike bets, which, along with escalating US-Iran tensions, underpins the safe-haven US Dollar and caps the currency pair.

USD/JPY stays weak below 156.00 on aggressive hawkish BoJ repricing

USD/JPY stays in the red below 156.00 in the European session on Monday as aggressively hawkish BoJ repricing continues to drive the Japanese Yen higher. Meanwhile, the US Dollar faces headwinds from US debt worries and uncertainty about the Fed's policy outlook ahead of Friday's US CPI data release.

Gold sticks to losses as bears await acceptance below $4,400 amid Fed rate hike bets

Gold attracts some sellers for the second straight day, though it lacks follow-through, and hovers around the $4,400 mark heading into the European session. Moreover, the commodity holds above Friday's swing trough, touched in reaction to the upbeat US monthly employment details, warranting some caution for bearish traders before positioning for any further losses.

Bittensor: TAO eyes $300 amid launch on Raydium, parody meme coin, ChatGPT-6 Astra release

Bittensor is trading in the green on Monday, continuing a steady upward trend over the last five days, with a 25% gain. Social chatter surrounding Bittensor is increasing amid a similarly named meme coin launched on Solana and the release of ChatGPT-6 Astra. The technical outlook for TAO is bullish as momentum strengthens and buyers target the $300 breakout.

Strong US jobs, Middle East tensions and key inflation data ahead

Good morning all, hope you enjoyed your weekend. Markets are starting the week after Friday’s stronger-than-expected US jobs report, which increased expectations that the Fed could raise rates at its September meeting. However, US markets are closed today for the Labor Day holiday, so liquidity should be lower and we may see slower price action.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.