Fx Volatile: Forex Market Update

5/08/2020 11:40:00 AM

Dollar Index 

The US Dollar Index (DXY) dropped below the 100.00 psychological mark this Thursday after the London close. The index is down after a three-day winning streak while holding above the main SMAs on the daily time-frame.

EUR/USD

The American dollar is losing altitude on trade optimism and pushing EUR/USD ahead of the all-important US Nonfarm Payrolls data scheduled for release at 12:30 GMT.

GBP/USD

GBP/USD steps back from the intraday top of 1.2408 to currently around 1.2394, up 0.21% on a day, while heading into the European open on Friday. Despite the latest pullback, mainly due to the US-China trade optimism, the Cable pair remains positive while extending the BOE-led gains on the day of the UK’s holiday.

AUD/USD

AUD/USD reverses the uptick to 0.6550, fuelled by fresh US-China trade optimism after trade representatives from both countries held a phone call. The aussie bulls weigh in Australia's PM Morrison's economy re-opening plan and RBA's SoMP.

GOLD

Gold prices down 0.05% on a day, following the fresh on risks, also the US Dollar Index (DXY), during early Friday. The yellow metal struggles around the monthly top, drops off-late. US-China tensions ease following the latest trade headlines

IMPORTANT DATA

  • CAD - Employment Change
  • CAD - Unemployment Rate
  • USD -  Average Hourly Earnings m/m
  • USD - Non-Farm Employment Change
  • USD - Unemployment Rate
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