PREVIOUS TRADING DAY EVENTS 05 September 2023

The return from the Labour Day holiday in North America saw the Dollar in demand supported by Yield on 10year Treasuries rising 0.095 to 4.268, an eightday high. This supported the US Dollar too with the US Dollar Index touching 104.95 before closing at 104.80.

Yesterdays data saw the RBA leave rates unchanged and the AUDUSD decline over 1.5, Chinese Caixin Services PMI miss expectations, declining to 51.8 from 54.2 and a raft of weak Service PMI data across Europe weigh on the EUR EURUSD lost 0.81.

Stock markets closed mixed on Tuesday, the benchmark SP 500 lost 18.94 points 0.42 to 4496, the Dow slipped 0.52 and the Nasdaq was flat at  14,021. Gold also slipped to close at 1925 having rejected the 1950 handle last week. Even as the Dollar gained, USOil continued its strong run breaching   87.50, as UKOil broke the psychological 90.00 level for the first time since November 2022.

Sources

httpswww.reuters.commarketsglobalmarketswrapup120230906

Today, 06 September Asian and European markets have been subdued following the weak handover from Wall Street, with FX pairs trading in narrow ranges following yesterdays significant moves. Australian GDP slipped but was better than expected, German factory orders were woeful at 11.7, declining from 7.6 last time, and Eurozone Retail Sales declined 0.2 MM from 0.2 last month, with the YY figure declining a whole 1.0. Still to come are the BOC Rate Announcement, US ISM…