Stay informed with CA Markets’ daily market update, providing the latest trends and insights in Forex and CFD trading. Our comprehensive analysis and expert advice are designed to keep you informed and ahead in CFD trading. Whether you’re navigating currency pairs or exploring diverse asset classes, our updates offer valuable perspectives to optimize your trading strategies. Trust CA Markets to deliver timely market analysis that empowers your decisions and enhances your trading experience.
Market Recap:
Overnight trading saw a soft session on Wall Street, with the Nasdaq closing down by 1.1%, the S&P 500 by 0.7%, and the Dow Jones by 0.4%. U.S. 10-year yields edged slightly higher, while crude oil prices fell by 1.1% to settle at $74.70 a barrel. In the currency markets, the U.S. Dollar maintained its strength, with the AUD/USD trading within a narrow range of 0.6765 to 0.6813. The greenback also remained strong against other major currencies, with EUR/USD hitting a low of 1.1105 and GBP/USD dropping below 1.3200. USD/JPY climbed above the 145.00 mark, while USD/CAD topped out at 1.3479.
Day Ahead:
As we look ahead, the day appears to be quiet on the economic data front. However, traders should keep an eye on the upcoming NBS Manufacturing PMI from China, set to be released on Saturday. This data will offer insights into how the Chinese economy performed in August, with market expectations predicting a subdued reading of 49.5. The primary drag is anticipated to come from soft demand, reflected in the mixed high-frequency data. Steel production, for instance, has seen a significant year-on-year decline, while the high-tech sector, as tracked by the Emerging Industries PMI (EPMI), shows signs of recovery.
Economic Data to Watch:
- EU: Preliminary HCOB Eurozone Manufacturing PMI (Aug)
- EU: Preliminary HCOB Eurozone Services PMI (Aug)
- UK: Preliminary S&P Global UK Manufacturing PMI (Aug)
- UK: Preliminary S&P Global UK Services PMI (Aug)
- US: Chicago Fed National Activity Index (Jul)
- US: Initial Jobless Claims (Aug 17)
- US: Preliminary S&P Global US Composite PMI (Aug)
- US: Existing Home Sales m/m (Jul)
Disclaimer:
The information provided in this daily market update is for informational purposes only and should not be considered as financial advice. Trading Forex and CFDs involves significant risk of loss and may not be suitable for all investors. Past performance is not indicative of future results. CA Markets does not guarantee the accuracy or completeness of the information provided, and we recommend consulting with a qualified financial advisor before making any trading decisions. Users are solely responsible for their own trading activities and decisions.
