{"id":154688,"date":"2019-09-03T09:01:18","date_gmt":"2019-09-03T13:01:18","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=154688"},"modified":"2019-09-03T08:45:42","modified_gmt":"2019-09-03T12:45:42","slug":"markets-patiently-wait-for-us-open","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/09\/markets-patiently-wait-for-us-open\/","title":{"rendered":"Markets Patiently Wait For US Open"},"content":{"rendered":"
September 3, 2019<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

Dollar Marginally Higher On Upbeat Data Flow<\/strong><\/h2>\n

Last Friday\u2019s\u00a0upbeat personal spending<\/strong>\u00a0figures helped the US dollar rise to fresh highs, a narrative followed into Monday\u2019s slow session and also into Tuesday\u2019s London session. Should positive flows continue post-NY open, the\u00a0US Index could move towards the 100 psychological barrier<\/strong>. However, this is highly unlikely considering today is the\u00a0first NY session after last Sunday\u2019s tariffs<\/strong><\/a>\u00a0on new Chinese products. And market\u00a0participants wait to see how the US markets will react<\/strong>\u00a0to that latest trade development.<\/p>\n

Euro Traders Seem Pessimistic As German Data Disappoint<\/strong><\/h2>\n

Investors keep\u00a0selling the euro below 1.10<\/strong>\u00a0in the first few trading sessions of September as German PMI remains deep into\u00a0recessionary<\/strong>\u00a0levels at 43.5 (a technical recession). Despite the fact that the European session started off on bad footing,\u00a0FX traders have recovered some of the earlier losses but weakness remains intact.<\/strong>\u00a0Traders are waiting for the NY open before taking any decisions on the direction of EURUSD.<\/p>\n

Cable Crosses 1.20 As Brexit Uncertainty Soars<\/strong><\/h2>\n

The worst performing currency pair<\/strong>\u00a0today is the British Pound. GBPUSD fell on the back of\u00a0poor Manufacturing PMI<\/strong>\u00a0data (47.4 vs 48) as well as the continued Brexit drama.\u00a0Boris Johnson\u00a0ruled out a 3rd Brexit extension<\/strong>\u00a0yesterday<\/a>. Today,\u00a0parliament is expected to vote<\/strong>\u00a0against his will. The\u00a0sentiment has been bearish<\/strong>\u00a0but over the past hour or so blocks of long bets have managed to spike prices to the upside. It will interest to keep an eye on the pair near the day\u2019s close.<\/p>\n

Risk Currency Pairs Little Unchanged Despite Early Decline<\/strong><\/h2>\n

The Australian, New Zealand and Canadian dollars traded only biased in the London session. Initial moves marked a\u00a0short-term bearish spike benefiting the US counterpart<\/strong>. The former, which moved widely compared to kiwi and loonie on the back of RBA\u2019s IR decision, was able to\u00a0recover post-RBA losses as risk remains at muted levels<\/strong>\u00a0ahead of markets reaction to the trade war escalation.\u00a0Aussie looks somewhat upbeat<\/strong>\u00a0on the bank\u2019s neutrality and loonie on the back of a weaker oil. Note that all\u00a0risk pairs bounced off at strong psychological levels<\/strong>.<\/p>\n

Commodities\u2019 Breakout Held By Trade War Reaction Delay<\/strong><\/h2>\n

While the reaction to the standoff between the US and China remains dry,\u00a0gold and oil FX traders are likely to stay cautious<\/strong>\u00a0when dealing with breakout flows. Gold trades quietly near 1531 per ounce. WTI oil found a bottom near 54.20 per barrel after bears reacted at 55 but the black gold slid to levels below 54. The sideways markets are tight, which is\u00a0indicative of a breakout which has already occurred the US Oil. This is a<\/strong>\u00a0likely scenario for gold too, but once the US goes live after a long weekend.<\/p>

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By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex Dollar Marginally Higher On Upbeat Data Flow Last Friday\u2019s\u00a0upbeat personal spending\u00a0figures helped the US dollar rise to fresh highs, a narrative followed into Monday\u2019s slow session and also into Tuesday\u2019s London session. Should positive flows continue post-NY open, the\u00a0US Index could move towards the 100 psychological barrier. However, this is highly unlikely considering […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-154688","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/154688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=154688"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/154688\/revisions"}],"predecessor-version":[{"id":154691,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/154688\/revisions\/154691"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=154688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=154688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=154688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}