Morning Brief 06 Sep: USDJPY Increases BoJ Monetary Policy Effect

DCFX · 06 Sep 2023 9.7K Views

Oil Prices Rise for the 7th Session

Oil prices hovered at their highest in more than nine months, with WTI crude hitting $86 a barrel and Brent trading near $89 a barrel, supported by expectations that OPEC+ will cut supply further.

Investors await today for the Australian RBA rate decision


Calendar:


EURUSD

EURUSD - The euro depreciated to below $1.08, its lowest in nearly three months driven by investor expectations that the European Central Bank may keep current interest rates at its next meeting due to disappointing business performance and slowing core inflation. ECB Chief Economist Philip Lane acknowledged that goods and services inflation had moderated, and he anticipated a slowdown in core inflation in the coming months.

Trend  

Support : 1.07154

Resistance : 1.08480



GBPUSD

GBPUSD - The British pound fell below $1.26, nearing its lowest level in three months after data shed light on the worsening growth outlook, which in turn raised the probability that the Bank of England may be nearing the conclusion of its monetary policy tightening measures. The updated S&P Global/CIPS UK Composite PMI showed private sector output declining in August for the first time since January.

Trend   →

Support : 1.25269

Resistance : 1.26023



AUDUSD

AUDUSD - The Australian dollar strengthened above $0.64 on Monday amid growing optimism that China will roll out more policies to support its sluggish economy and ailing property sector, improving the outlook for Australia's biggest trading partner. Bets that the Federal Reserve is done raising interest rates this year amid signs of a cooling US economy are also supporting the Aussie.

Trend  ↓

Support : 0.63500

Resistance : 0.64065



USDJPY

USDJPY - The Japanese yen depreciated toward 147 per dollar, hovering near its lowest in nearly 10 months as the dollar continued to strengthen despite growing expectations that the US Federal Reserve will likely raise interest rates this year. The yen weakened and continues to rise to thread levels that prompted Japanese authorities to intervene in currency markets last year as the Bank of Japan remains committed to its foolproof monetary policy.

Trend  ↑

Support :  145.694


Resistance :   146.898



XAUUSD

XAUUSD - Gold fell to nearly $1,930 an ounce on Tuesday but remained near its strongest level in a month as investors weighed disappointing numbers from China for signs of a cooling economy in the US. The new PMI report showed growth in China's service sector slowed to an eight-month low and missed projections, hurting the impact of government measures on the country's recovery. 

Trend  ↓

Support : 1929.21

Resistance : 1945.35




Crude Oil (WTI)

WTI - WTI crude oil futures jumped more than 1.5% to above $87 a barrel on Tuesday, a new high since November 2022, after Saudi Arabia announced it would extend its voluntary cut of one million barrels of oil per day for another three months until the end of December, to support the stability and balance of the oil market. Chinese manufacturing as reported by a private survey increased optimism about the economic health of the world's largest oil importer.

Trend  ↑

Support : 83.98

Resistance :  88.58




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