Unveiling Asia's Open Championship: An Unforgettable Journey Awaits on September 4th, 2023

2023-09-03 23:25:45

Slack was down, with issues loading pages and sending messages

Asian Open – 4th September 2023

Market Summary:

• On Friday, nonfarm payrolls exceeded expectations with 187k jobs added, although unemployment rose to 3.8% - its highest level since February 2022. While weekly hours and average earnings had mixed results, bond yields and the US dollar saw strong rallies after initially falling.
• Money markets suggest the Fed may not hike rates in September, with the 30-day Fed Fund futures implying a 93% chance of rates being held steady.
• EUR/USD declined for a seventh consecutive week, closing below 1.08. The US dollar index also reversed losses sustained earlier in the week and closed near its weekly high.
• Canada's GDP unexpectedly contracted in Q2, indicating that the Bank of Canada (BOC) is likely to hold rates at 5% this week.
• US manufacturing contracted at a slower pace, according to two surveys. WTI crude oil continued its bullish rally, reaching a 9-month high.
• Inflationary concerns rose as Russia agreed to further cut oil exports in October, and manufacturing activity in China and the US exceeded expectations.
• Gold rose for a second week but showed signs of exhaustion around 1950.

Events in focus (AEDT):

• It is a public holiday in the US and Canada (Labor Day).
• 11:00 - Australian inflation (Westpac-Melbourne Institute).
• 11:30 - Australian job ads (ANZ), company profits, business inventories.

ASX 200 at a glance:

• The ASX 200 had a bullish week, with all 11 sectors rising, led by consumer discretionary and materials.
• SPI futures point to a positive open despite a soft lead from Wall Street.
• Resistance levels include 7318-7320, 7330, and 7362-7370. Support levels include 7250, 7260, and 7280.

USD/JPY technical analysis (1-hour chart):

USD/JPY formed a Doji last week, indicating indecision around the cycle highs. However, a bullish outside/engulfing day formed on Friday, showing strong demand around 144.50.

Steam Trap Market to hit USD 6.2 Bn by 2032, Says Global

Bulls should be cautious near current levels due to potential resistance around 146.59. Waiting for a pullback before seeking longs at lower prices, such as the 145.55 area, may be preferable.

Rail passengers set for disruption as engineering work between Chesterfield and Sheffield leads to delays and diversions – with no trains to some Derbyshire stations

View the full economic calendar.

Medicated Feed Market Size, Key Players Analysis and Forecast To 2029 – Evonik, DowDuPont, DSM, Adisseo

-- Written by Matt Simpson

SkyWater Technology to Participate in Jefferies Semiconductor, IT Hardware & Communications Technology Summit

Follow Matt on Twitter @cLeverEdge

How to trade with City Index

You can trade with City Index by following these four easy steps:

1. Open an account, or log in if you’re already a customer
   • Open an account in the UK
   • Open an account in Australia
   • Open an account in Singapore
2. Search for the market you want to trade in our award-winning platform.
3. Choose your position and size, and your stop and limit levels.
4. Place the trade.

If you would like to know other articles similar to Unveiling Asia's Open Championship: An Unforgettable Journey Awaits on September 4th, 2023 updated this year 2024 you can visit the category Bussines.