EUR/USD – Strong Sell – Focus Currencies and Technical Analysis (1-Hour Chart) September 3, 2024
EUR/USD – Strong Sell
The EUR/USD pair is attempting to decline around the 1.0555 level. The “bearish” sentiment has negated the previous day’s attempt by the euro to gain support from Eurozone macroeconomic statistics. Germany’s S&P Global Manufacturing PMI rose from 42.1 points to 42.4 points in August, while the overall Eurozone PMI also increased from 45.6 points to 45.8 points. In the U.S., last week’s Personal Consumption Expenditures (PCE) Price Index came in below expectations, raising the probability of a 50 basis point rate cut by the Fed in September to 33.0%, though over 60.0% of analysts still expect a 25 basis point adjustment.
GBP/USD – Strong Sell
The GBP/USD pair is attempting to decline around 1.3120. The pound has turned lower again after a slight corrective rise yesterday. The UK’s S&P Global Manufacturing PMI, released on Monday, rose from 52.1 points to 52.5 points, marking the highest level since June 2022 and aligning with expectations. The British Retail Consortium (BRC) also reported an increase in retail sales growth from 0.3% to 0.8% in August, providing some support for the pound.
AUD/USD – Strong Sell
The AUD/USD pair is attempting to decline around the 0.6740 level, updating the local low from August 23. Australia’s current account deficit for Q2 widened from -A$490 million to -A$1.07 billion. Building approvals released on Monday showed a 10.4% increase, up 14.3% year-over-year. China’s Manufacturing PMI also rose to 50.4 points, surpassing expectations.
USD/JPY – Neutral
The USD/JPY pair is showing a slight decline around the 146.00 level. The market is in a waiting mode for the U.S. market to reopen after Labor Day. U.S. employment data, set to be released at the end of the week, could influence the Fed’s interest rate decision, with non-farm payrolls expected to increase.
XAU/USD (Gold) – Strong Sell
The XAU/USD pair is slightly declining below the psychological level of 2500.00. Market activity is weak, with traders holding off on opening new positions ahead of U.S. employment data at the end of the week. Friday’s release of non-farm payrolls and average hourly earnings data could provide temporary support for the dollar.
