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Forex Today: Japanese Yen extends rally, markets await US data
Here is what you need to know on Thursday, September 3:
Thu, Sep 3
Euro remains flat above 1.1600 after softer-than-expected Eurozone services activity
The Euro (EUR) picks up against a somewhat softer US Dollar (USD) on Wednesday, but upside attempts are frail, after last week's 0.8% decline and Eurozone PMI data have failed to boost confidence in the Eurozone's economic outlook.
Thu, Sep 3
Oil: Rally pace moderates after Iran strikes – Commerzbank
Commerzbank analysts note that Brent extended its rally and closed above USD95, although gains moderated after President Trump suggested the renewed US bombing campaign against Iran could be short-lived.
Thu, Sep 3
British Pound gains capped as fiscal, geopolitical risks persist
GBP/USD gains after two days of losses, trading around 1.3500 during the European hours on Thursday. The currency pair experiences an upward push as a sharp rally in the Japanese Yen (JPY) weighed heavily on the US Dollar (USD).
Thu, Sep 3
BoJ mulls hiking interest rates to 1.25% in September meeting – Bloomberg
According to a report from Bloomberg, the Bank of Japan (BoJ) is leaning toward raising its benchmark interest rate by a quarter point in the two-day meeting ending on September 18 in response to upward price risks.
Thu, Sep 3
British Pound: Downside seen limited near 1.3465 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note GBP/USD extended its decline to 1.3475 before rebounding, closing at 1.3485. Intraday bias remains lower, but any weakness is seen limited to a test of 1.3465, with 1.3510 marking a shift back to range trading.
Thu, Sep 3
WTI remains broadly firm around $90 as oil shipments through Hormuz remain restricted
West Texas Intermediate (WTI), futures on NYMEX, consolidates in a tight range around $88.85 during the European trading session on Thursday.
Thu, Sep 3
Uniswap Price Forecast: UNI rally stretches thin amid waning retail demand
Uniswap (UNI) is down 2% on Thursday, facing fresh selling pressure near the $6.00 mark after a steady recovery of over 80% in more than two weeks.
Thu, Sep 3
Euro: Trading near 1.16 against US Dollar as yields rise – Danske Bank
Danske Research Team reports that EUR/USD is around the 1.16 level while European government bond yields continue to climb and US yields show a mixed pattern.
Thu, Sep 3
US Dollar: Upside risks persist – ING
ING strategists Francesco Pesole, Frantisek Taborsky and Chris Turner note that a sharp USD/JPY move briefly weighed on the Dollar, but only Australian Dollar and Canadian Dollar held gains.
Thu, Sep 3
USD/CAD Price Forecast: Falls to near 1.3850 after breaking below nine-day EMA
USD/CAD extends its losses for the second consecutive day. trading around 1.3820 during the Asian hours on Thursday. The technical analysis of the daily chart indicates the pair is positioned within the descending channel pattern, signalling a bearish bias.
Thu, Sep 3
Equities: Stabilise with lower yields – Deutsche Bank
Deutsche Bank's Jim Reid notes that US equities stabilised after three consecutive declines, with the S&P 500 gaining 0.46% as strength in the Magnificent Seven, particularly Nvidia and Meta, supported the market.
Thu, Sep 3
Swiss Franc bounces up from monthly lows as GDP, inflation data beat expectations
The Swiss Franc (CHF) accelerated its recovery against the US Dollar (USD) on Wednesday’s early European session, as Swiss inflation and economic growth data beat expectations.
Thu, Sep 3
NZD/USD Price Forecast: Posts mild gains near 0.5850 but bearish momentum signals capped upside
The NZD/USD pair posts modest gains around 0.5855 during the early European trading hours on Thursday, supported by stronger-than-expected Chinese economic data. Attention will shift to the US August employment data, which will be released later on Friday.
Thu, Sep 3
USD/JPY Price Forecast: Bears target 156.50 support zone amid sharp Yen appreciation
The USD/JPY pair remains under intense selling pressure for the second straight day and plummets to a nearly four-week low, around the 157.25-157.20 region during the early European session on Thursday.
Thu, Sep 3
Asian stock markets reflect mixed trend in countdown to US NFP data
Stock markets in the Asian region demonstrate a mixed performance as investors shift their focus to the United States (US) Nonfarm Payrolls (NFP) data for August, which will be released on Friday.
Thu, Sep 3
Japanese Yen: JPY surge on BoJ signals – Commerzbank
Commerzbank’s Charlie Lay and Dr. Henry Hao highlight a sharp rebound in the Japanese Yen, with USD/JPY dropping around 150 pips as markets react to increasingly hawkish Bank of Japan guidance and intervention speculation.
Thu, Sep 3
Australian Dollar stalls below 0.7170, halfway through last two weeks’ range
The Australian Dollar (AUD) edges down against the US Dollar (USD) on Thursday, following a narrowing trade surplus in Australia and fairly positive PMI data from China, a key trading partner.
Thu, Sep 3
Euro: Downside risk persists toward 1.1550 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlight that EUR/USD has shifted into short-term range trading between 1.1570 and 1.1610 after a dip to 1.1565 and rebound to 1.1608. They still see scope for a test of 1.1550 unless 1.1630 strong resistance breaks.
Thu, Sep 3
GBP/USD Price Forecast: Holds a mildly bullish bias near 1.3500 despite subdued RSI momentum
The GBP/USD pair trades in positive territory around 1.3490 during the early European trading hours on Thursday, bolstered by a weaker US Dollar (USD). Traders await the Bank of England (BoE) Governor Andrew Bailey’s speech and US August jobs data later on Friday for fresh impetus.
Thu, Sep 3
