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
The U.S. equity markets ended the week on a high note, bolstered by positive wage data, with the Nasdaq, S&P 500, and Dow closing +1.1%, +1.0%, and +0.6%, respectively. U.S. 10-year yields saw an uptick, rising by 4bps to 3.7%. In the commodities market, crude oil prices dropped by 3.0% to $73.60 a barrel. The forex market witnessed significant moves, with AUD/USD trading within a 0.6752/0.6816 range before closing at 0.67655. The USD strengthened across the board following the release of economic data, pushing USD/JPY to 145.74 and USD/CAD above 1.3500.
Day Ahead
As we head into a new trading week, a quiet start is expected with the U.S. markets closed for the Labor Day holiday. Traders should keep an eye on key data releases scheduled for later in the week, including Australia’s Q2 GDP, the Bank of Canada’s interest rate decision, and the U.S. employment data on Friday. These events could create significant market movements, particularly in currency pairs like AUD/USD, which saw a range of 0.6752/0.68165 on Friday, with offering interest ahead of 0.6870 and demand in the 0.6700/20 region.
Economic Data to Watch
- Australia: Q2 GDP, Melbourne Institute Inflation y/y, Building Approvals MoM
- China: Caixin China PMI Manufacturing
- Eurozone: HCOB Eurozone Manufacturing PMI
- United Kingdom: S&P Global Manufacturing PMI
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.
