Insights for Today’s Market

Market Overview

Anticipation is high as the first U.S. presidential debate of 2024 between former President Donald Trump and President Biden approaches tonight. Additionally, the Core PCE Index m/m data release later today could shift expectations for a September rate cut. The Canadian Dollar will also see significant movement with the GDP m/m release, although we can already see weakness before the data comes out.

Yesterday's U.S. data releases were in line with expectations:

Final GDP q/q: 1.4%

Unemployment claims: Lower than expected

Pending Home Sales: Improved from -7.7% to -2.1%, though still below the expected 0.6%

These releases had minimal market impact, with traders focusing on today's major events. The market remains largely stagnant in anticipation of the debate and economic data.

GOLD- Gold has bounced off the 2295.536 support level and is approaching 2332.174. The price remains within a consolidation zone. We await further price action for clear direction.

SILVER- Silver is steady at 29.018, with no significant movement. We await further price prints to determine bias. Staying below this level increases the likelihood of a market decline.

DXY- The Dollar Index remains range-bound between 106.111 and 105.840, showing a bullish structure. Further price action will clarify the next move.

GBPUSD- The Pound is trading around 1.26487. We await further movement, especially after the upcoming data releases.

AUDUSD- The Australian Dollar shows no significant movement. We continue to observe and wait for price action to provide clearer direction.

NZDUSD- Similarly, the New Zealand Dollar shows no significant changes. We wait for further developments to determine market bias.

EURUSD- The Euro gained some strength against the dollar yesterday but remains below 1.07240. We await the impact of upcoming data to gauge further movement.

USDJPY- USDJPY is consolidating between 160.224 and 161.105. We await further price action to determine direction.

USDCHF- The Swiss Franc has weakened significantly against the dollar, with prices nearing 0.90054. We observe for potential continuation or correction.

USDCAD- The Canadian Dollar shows weakness, trading at 1.37435. We await further data to see how the price will move from here.