Today's Economic News

Market Overview

Yesterday, data for unemployment claims by DoL was released and showed an increase from last month's 221k to today's 229k. This shows a decline in the labor market for the US, which may span toward the other markets. 

The BoC was the first to cut rates in the G7, supporting the increase in Gold. Analysts call this season a rate-cutting season in correlation to a weak labor market. A weaker labor market will lower consumption and slow down the economy. 

Later in the day, before markets close, the news on Employment change and the Wages will determine the FED rate cuts timing for this year. However, as seen in the previous data releases, the economy is starting to experience a 'slowdown' and the analysts are betting on a rate cut of at least 25 basis points in September following recent data showing some economic slowing and after rate cuts by both the Bank of Canada and European Central Bank over the past two days.

In the meantime, the markets are at a standstill, waiting for the data release. All eyes are on the data coming out later. 

GOLD - The market has risen following several data releases from the US, restoring confidence in gold as economies begin rate-cutting cycles, as evidenced by the ECB and the BoC. Currently, gold is slightly above 2365.443 and appears poised to trade toward previous highs. We expect gold to turn bullish, leveraging upcoming data releases to maintain its momentum. However, we anticipate a possible move to a more favorable price level before the uptrend continues.

SILVER -Silver has regained strength and is now trading slightly above 30.938. We expect the price to move upward from this level after positioning itself more favorably in the market.

DXY - The dollar is trading below 104.607 with no apparent change in volume or momentum. Instead, the chart continues to follow a bearish trend. We consider the dollar bearish.

GBPUSD -The prices are creating higher lows and are starting to be squeezed by the market structure. We expect an explosive price movement soon and view this market as bullish. The price has consistently attempted to trade above 1.27938.

AUDUSD -The AUD has shown sufficient strength against the dollar, with bullish structures being respected. The price has failed to reach 0.66145 and is trading above 0.66541. We expect the market to move higher from here, testing 0.67142 or even trading beyond that level.

NZDUSD - So far, the NZDUSD has the best chart in terms of stability and structure. The rise has been steady, with good correction points along the way. We expect the market to be bullish and potentially trade beyond 0.61983.

EURUSD -The EUR has formed a W pattern and appears poised to continue its bullish structure. We view this chart as a buyer's market and expect the price to break above 1.08950. If not, support structures will hold up at 1.08543.

USDJPY - The price failed to reach 156.516 and has started trading below 155.704. We expect the price to reach 154.658 and continue to trade lower as it respects bearish structures.

USDCHF -The CHF has stayed close to the key structure at 0.88886 and appears poised to trade below it. We expect the price to break through this level.

USDCAD -The CAD is beginning to recover against the USD as analysts speculate about potential rate cuts in September, following signs of weakness in the labor market and an economic slowdown. On the charts, the price remains within the range of 1.37435 to 1.36052. We expect the price to stay within this range for a longer period compared to other currencies.