That will sap quite a bit of energy from markets to kick start the new week at least. But it’s a brand new month and we’re already in September now in 2024. How time flies. And with it being the first week of a new month, the focus will of course shift towards more US data to come. In particular, the non-farm payrolls report on Friday.
The dollar had a bit of a back and forth tussle last week but is still staying vulnerable overall. EUR/USD did get rejected at 1.1200 though but USD/JPY did face a test of 144.00 before recovering a little to 145.80 levels now. GBP/USD took a look above 1.3200 before slipping back just below its 2023 high near 1.3140 currently.
It’s all to play for with US jobs data in focus in the week ahead.
In the equities space, there’s nothing too new as investors continue to stay optimistic in shrugging off the Nvidia earnings drop. And in the commodities space, gold is struggling to firmly secure a break above $2,500 with price dropping slightly again today to just under the figure level.
We’ll see how much month-end flows played into things last week. But all else being equal, the focus this week will be on more jobs-related data from the US. That will determine the state of play in markets in the days ahead.