Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The US Dollar continued its upward trajectory, boosted by higher interest rates and stronger-than-expected economic indicators. This surge was particularly pronounced ahead of the release of crucial Personal Consumption Expenditure (PCE) inflation data on Friday.
Economic Data:
Initial jobless claims fell to 231,000 for the week ending August 25, compared to the previous week’s reading of 233,000, which was below market expectations of 232,000. However, the total number of Americans claiming unemployment benefits rose to 1.868 million for the week ending August 16, compared to the previous reading of 1.855 million, which was below market expectations of 1.870 million.
The US annualized GDP for the second quarter of this year grew by 3.00%, compared to the previous reading of 2.8% and expectations that growth might remain unchanged in the second quarter compared to the previous period. This figure was a key factor supporting the US dollar, as it highlighted the strength of the US economy, which the dollar represents in the markets.
Key Economic Events for August 30:
• US: PCE Inflation, Personal Income, Personal Spending, Chicago PMI, Michigan Consumer Sentiment
• Eurozone: Advanced Inflation Rate, Unemployment Rate, ECB’s af Jochnick speech
• Germany: Retail Sales, Labor Market Report• UK: Mortgage Approvals, Mortgage Lending
• Japan: Unemployment Rate, Jobs/Applications Ratio, Tokyo Inflation, Industrial Production, Retail Sales, Housing Starts
• Australia: Housing Credit, Retail Sales
Currency Pairs:
• EUR/USD: Fell below 1.1100 support due to the stronger dollar.
• GBP/USD: Rebounded slightly from weekly lows.
• USD/JPY: Hit multi-day highs near 145.50.
• AUD/USD: Surpassed 0.6800 barrier, reaching new year-to-date highs.
Commodities:
• Crude Oil: Prices rose due to supply concerns from Libya and positive US economic data.
• Gold: Traded near all-time highs despite the stronger dollar and rising yields.
• Silver: Partially recovered from previous day’s losses.
Also Read:
What Was Exactly Behind Bitcoin’s Recent Sudden Dip?
Gold Price Climbs Amid Fed Rate Cut Hopes
US Dollar Rebounds on Positive Growth and Employment Data
Mixed PCE Inflation Data Could Create More Market Uncertainty
BTC Rebounds as Bulls Aim for $62,000 Ahead of Hoped PCE’s Relief
