🌍 Market Overview | U.S. Holiday for Labor Day, Focus on Friday’s NFP
💱 FX & Commodities
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U.S. and Canadian markets closed for Labor Day → low liquidity, wait-and-see mood.
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Gold surged near $3,500, driven by:
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Geopolitical risks
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Concerns over Fed independence
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De-dollarization flows
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Main event this week: U.S. Nonfarm Payrolls (NFP) on Friday.
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Market highly sensitive after last month’s large downward revisions.
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📊 Today’s Economic Data (Europe-centered)
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Eurozone PMI final readings (France, Germany, Eurozone, U.K.)
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Switzerland: Retail Sales (July), Manufacturing PMI (Aug)
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Eurozone Unemployment Rate (July)
👉 With U.S./Canada closed, reactions likely temporary and muted.
🗣 Events / Speakers
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No major central bank speeches scheduled.
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Headline risk from President Trump remains in play.
💵 FX Range Table (Indicative)
| Pair | Expected Range | Key Points |
|---|---|---|
| USD/JPY | 146.80 – 147.80 | Quiet trade, direction awaits NFP. |
| EUR/USD | 1.1600 – 1.1700 | Limited response to EU data; EUR stays supported. |
| GBP/USD | 1.3450 – 1.3550 | U.K. PMI weakness caps upside; dollar-driven. |
| EUR/JPY | 171.50 – 172.50 | Range-bound; watch European equities. |
| GBP/JPY | 198.50 – 200.00 | 200 remains psychological resistance; needs a catalyst. |
| XAU/USD (Gold) | 3450 – 3500 | $3,500 breakout in sight, dollar sentiment key. |
✅ Summary
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Themes today: U.S. holiday → muted FX, European data checks, gold rally.
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FX expected to see narrow ranges, with real direction set by Friday’s NFP.
