USD/JPY – Strong Selling (1-Hour Chart Analysis, September 5, 2024)
EUR/USD – Strong Buy
The EUR/USD pair is showing unclear trading near 1.1075, following a significant rise the previous day. Eurozone macroeconomic data has been mixed. Germany's Services PMI decreased to 51.2, and the Eurozone Services PMI dropped from 53.3 to 52.9, while the Manufacturing PMI showed a slight decline. Additionally, the Producer Price Index (PPI) increased from -3.3% to -2.1% year-on-year, which could impact future decisions by the ECB. The U.S. Beige Book showed weak economic activity, raising expectations for a potential Fed rate cut.
GBP/USD – Buy
The GBP/USD pair is trading around 1.3150 with relatively low market activity, following a strong upward movement the previous day. The focus today is on the U.S. ADP Employment Report, expected to show an increase from 122k to 145k in August. Initial jobless claims are also expected to decrease, and the Services PMI is due for release. In the U.K., the Construction PMI fell short of expectations, drawing attention from investors.
NZD/USD – Buy
The NZD/USD pair is edging higher and approaching a break above 0.6200. Market participants are waiting for the U.S. labor market data due later this week. In New Zealand, dairy prices, a key export factor, fell by 0.4% in August, while the ANZ Commodity Price Index rose by 2.1%. The upcoming focus will be on the U.S. ADP Employment Report and Nonfarm Payrolls (NFP) data.
USD/JPY – Strong Sell
The USD/JPY pair is trading around 143.50 with subdued market activity. The U.S. ADP Employment Report is expected to show an increase from 122k to 145k, while the U.S. Beige Book highlighted a slowdown in economic activity, which could influence the Fed’s future policy decisions. Additionally, falling wages in Japan are weighing on the yen.
XAU/USD (Gold) – Strong Buy
The XAU/USD pair is hovering near the psychological level of 2500.00 with little movement. The upcoming U.S. labor market data, scheduled for release this weekend, could have an impact on the Fed’s policy decision at the September meeting. Nonfarm Payrolls are expected to increase from 114k to 160k, and depending on the results, gold prices could experience volatility.
