PREVIOUS TRADING DAY EVENTS 06 September 2023

The key data yesterday was the ISM Services PMI report that beat expectations significantly coming in at 54.5 vs 52.5. The Dollar rally continued, supported by the Yield on 10year Treasuries rising again to 4.289, a nineday high. Expectations that the FED interest rate hikes for 2023 may not be over, as spikes in inflationary data continue. The US Dollar Index breached the key of 105.00 and holds that level today.

Also yesterday, the BOC left rates unchanged at 5.0  and with the weaker GDP data from last week added to the USDCAD continued to rally as the pair touched 1.3675 for a new 23week high. The Beige book sentiment was subdued and comments from Fed officials added to the sombre sentiment.

Stock markets closed significantly lower on Wednesday, the benchmark SP 500 lost 31.35 points 0.70 to 4465, the Dow slipped 0.57 and the techheavy e Nasdaq slumped over 1 led by APPLE 3.58 and NVDA 3.06. Gold also slipped again to 1915 and is currently traded at 1920. The Oil market like the US dollar remains bid, USOil settled over 87.00 on Wednesday currently during the European session the key commodity trades lower at 86.35.

Sources httpswww.reuters.commarketseuropeglobalmarketsvieweurope20230907

Today, 07 September Asian markets were weaker again today following the poor performance from Wall Street, and continued worries over the Chinese economy, despite a tick up in Trade data today. The G20 meeting kicks off today in…