Latest Market News: 7th August 2023

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Our short equities views continue to work well. While many are telling the vanilla story today, of weaker than expected US Payrolls for the market’s decline on Friday, there is actually much more going on?

Last week, concerns regarding worldwide economic growth and the expectation of continuously high global interest rates prompted traders to divest from commodity-linked currencies and instead seek refuge in haven currencies.

US Treasury bonds experienced continued downward pressure on the preceding day, owing to a troublesome amalgamation of factors including robust US activity indicators, an upsurge in supply, and the repercussions of Fitch's credit rating downgrade.

• During the EU and US sessions, major currency spreads were generally at an 'Excellent' level, while during the Asian session, they were mostly 'Good' or 'Excellent'.?
• The Gold spread reached a 'Good' level during Asian hours and improved to 'Excellent' during European and US sessions.
• GER30 has seen an improvement from 'Good' level during Asian sessions to a tightened 'Excellent' level during EU and US sessions.

Watch the video for the key trading levels for the week ahead for AUDJPY, AUDUSD, EURJPY, EURUSD, GBPJPY, and GBPUSD.

Australian Dollar Set For Big Move - EU and US Data Worries by Clifford Bennett

Join Luca dos Santos Lopes Santos, a seasoned Technical Market Analyst, as he delves into the big events that are set to move the forex markets this week.

Register to our free webinar series this week:

Disclaimer: Trading involves risk.