U.S Data Shows Positive Gains, Gold Market Loses Focus.
The U.S. dollar index surging up against a basket of major currencies to 92.39, a rise of 0.54%. The rose of the dollar shrugged off downbeat economic data reflecting wholesale inflation undershot expectations ahead of consumer inflation data. According to the Labor Department, the Producer Price Index (PPI) increased by 2.4% in the month of August, even better than 1.9% increase in the month of July. The downbeat wholesale inflation data did not fail market’s expectation for Federal Reserve’s plan to hike rates, following a gain in U.S. treasury yields. However, a close monitor toward the slowdown in inflation was undertaken as such scenario could hinder Fed’s plan to increase rates for the third time this year. On the other hand, Pound Sterling fell to $1.3196 from its one-year highs against the greenback, with a total decline of 0.65% following sluggish wage growth as released by the latest UK labour market data.
On the part of commodity market, crude oil prices settled higher after increasing by 2.2% to $49.30 per barrel,buoyed by higher global oil demand as estimated by International Energy Agency. Otherwise, gold prices further its losses by 0.31% to $1328.56 per troy ounce following a lack of demand toward the safe asset amid an ease of geopolitical uncertainty.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
15:30 CHF SNB Monetary Policy Assessment
19:00 GBP BoE MPC Meeting Minutes
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 9:30 | AUD – Employment Change (Aug) | 29.2K | 15.0K | 54.2K |
| 10:00 | CNY – Industrial Production (YoY) (Aug) | 6.4% | 6.6% | 6.0% |
| 15:30 | CHF – SNB Interest Rate Decision | -0.75% | -0.75% | – |
| 19:00 | GBP – BoE Interest Rate Decision (Sep) | 0.25% | 0.25% | – |
| 20:30 | USD – Initial Jobless Claims | 298K | 300K | – |
| 20:30 | USD – Core CPI (MoM) (Aug) | 0.1% | 0.2% | – |
| 20:30 | CAD – New Housing Price Index (MoM) (Jul) | 0.2% | 0.3% | – |
GBPUSD
GBPUSD, H4: GBPUSD was traded higher prior its recent rebound from support level at 1.3195. The pair is currently testing the said support level and if breakout is successful, GBPUSD will continue its momentum to trade lower, testing the next support level at 1.3115.
Resistance level: 1.3325, 1.3455
Support level: 1.3195, 1.3115
EURUSD
EURUSD, H4: EURUSD was traded lower after breaking support level at 1.1910. Downward slope of MACD signal line suggests the pair to further its losses toward support level by 200-MA line and support level at 1.1820.
Resistance level: 1.1910, 1.2070
Support level: 1.1820, 1.1715
USDJPY
USDJPY, Daily: USDJPY was traded higher following breakout of resistance level at 110.10. Upward slope of MACD signal line suggests the pair to continue its momentum to trade higher, testing the next resistance level at 110.95.
Resistance level: 110.95, 111.75
Support level: 109.65, 107.40
Crude OIL
Crude OIL, Daily: Crude oil price was traded higher after breaking above resistance level at 48.70 and 200-MA line. Formation of long bullish candlestick and upward slope of MACD signal line suggests crude oil price to move higher, testing the resistance level at 50.20.
Resistance level: 50.20, 52.00
Support level: 48.70, 47.20
GOLD
GOLD_, H4: Gold price was traded lower following breaking support level at 1328.20. Currently, it is testing the support level at 1321.35. Downward slope of MACD signal line suggests bias for the gold price to move lower, testing the next support level at 1299.05.
Resistance level: 1328.20, 1339.55
Support level: 1321.35, 1299.05