{"id":154902,"date":"2019-09-06T08:30:10","date_gmt":"2019-09-06T12:30:10","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=154902"},"modified":"2019-09-06T09:48:32","modified_gmt":"2019-09-06T13:48:32","slug":"most-fx-assets-relatively-flat-ahead-of-nfp","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/09\/most-fx-assets-relatively-flat-ahead-of-nfp\/","title":{"rendered":"Most FX Assets Relatively Flat Ahead Of NFP"},"content":{"rendered":"
September 6, 2019<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

There was a number of instruments that ended the session mixed yesterday. This is despite\u00a0risk-on flows continuing to push the dollar lower<\/a>\u00a0in the early hours.<\/p>\n

As NY opened following some\u00a0relatively good ISM Non-Manufacturing and ADP numbers<\/strong>, sentiment shifted a tad. This allowed the US index to recover all losses and push some FX majors near their opening levels.<\/p>\n

Meanwhile,\u00a0positive trade war developments<\/strong>\u00a0supported high-risk assets with SPX registering yet another \u201cbest-performer\u201d session.<\/p>\n

In today\u2019s trade\u2026<\/p>\n

High-Risk Assets Biased to the Upside<\/strong><\/h1>\n

The greenback has been weighing on most FX majors compared to how weak it has been trading since the\u00a0contractionary ISM Manufacturing PMI<\/a>\u00a0figures released last Tuesday. Despite this,\u00a0high-risk assets were able to register marginal gains<\/strong>\u00a0yesterday. And this is continuing into today\u2019s trading session up to now.<\/p>

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Aussie, kiwi and US equities moved up. The 68 cent barrier is now past for\u00a0AUDUSD, NZDUSD just tagged the 64 cents and SPX seems bid after the breakout above 2938<\/strong>. Equities could also well be affected\u00a0by\u00a0increasing expectations of another Fed cut.<\/strong><\/p>\n

Off the high-risk FX majors, Loonie ended the session unchanged on the back of oil\u2019s reversal. This is despite EIA\u2019s crude draw surprise. However, it is currently pushing the dollar lower. Note that\u00a0the psychological $1.32 level is likely to reject\u00a0<\/strong>USDCAD.<\/strong>\u00a0Meanwhile, forex traders patiently await the Canadian jobs data.<\/p>\n

Safe-Havens Under Pressure on Trade War Optimism<\/strong><\/h2>\n

Despite USDJPY, USDCHF and gold being dollar de\/nominated FX assets, dollar-negative flows did not affect them.\u00a0Market participants perhaps found an opportunity to pocket some profits<\/strong>\u00a0ahead of the NFP. Especially since US-Sino relations are improving.<\/p>\n

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