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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange]: Will the US dollar stick to the 98 mark, will the non-agricultural report bring about a "huge shock" in the market?" Hope it will be helpful to you! Original content is as follows:
Earlier on Friday, financial markets were calmed down as investors remained on the sidelines ahead of the highly anticipated U.S. August jobs report, which will include non-farm employment data (NFP), unemployment rate and wage inflation data. Statistics Canada will also release employment data for August.
The US dollar (USD) index rose slightly in the second half of Thursday, but it lost its traction as risky flows dominated the U.S. session and rose slightly at the close. U.S. data shows that the American Institute of Supply Management (ISM) Services Purchasing Managers Index (PMI) improved from 50.1 in July to 52 in August. The print volume was better than the market expected by 51 votes. Meanwhile, the Automatic Data Processing (ADP) report said private sector employment increased by 54,000 in August, down from analysts’ expectations of 65,000.
In the early trading of the European market on Friday, the US dollar index fluctuated narrowly above 98.00. The U.S. non-farm employment is expected to increase by 75,000 in August, and the unemployment rate is expected to rise to 4.3% from 4.2% in July. Meanwhile, U.S. stock index futures rose 0.15% to 0.45%. U.S. President Donald Trump said late Thursday that his administration will impose 100% tariffs on semiconductors imported by oalcs.cnpanies that do not transfer production to the U.S.
The Office for National Statistics (ONS) reported earlier on Friday that retail sales in July rose by 0.6% month-on-month. This figure oalcs.cnes after a 0.3% increase in June, better than market expectations of 0.2%. This data failed to trigger theThe obvious reaction of pound/dollar, as of press time, pound/dollar was trading sideways around 1.3450.
Euro/USD held its position and traded in an active area above 1.1650 after a slight decline on Thursday.
The US dollar/yen was difficult to continue to work hard on Thursday's gains, and fell to 148.00 on Friday. U.S. President Trump signed an executive order that implements a trade agreement with Japan that requires a tax of up to 15% on most of Japan's imported goods, including cars and parts.
The USD/Canadian remained in the negative area around 1.3800 after closing higher in the first four trading days. Canada's unemployment rate is expected to rise slightly to 7% in August.
Gold prices corrected from a record high of $3,570, but found support before testing $3,500. In early European trading on Friday, XAU/USD stabilized at around $3,550.
Euro: Euro/USD continues to consolidate sideways, and the intraday deviation remains neutral. With the 1.1573 support level intact, further rebound is favorable. The correction decline from 1.1829 should be oalcs.cnpleted when the three waves fell to 1.1390. On the upside, above 1.1741 will first retest the 1.1829 high. Firm breakthroughs will resume a larger upward trend. However, a continued breakthrough of 1.1573 will weaken this view and indicate that the correction pattern of 1.1829 is extending, and another downward line is moving towards 1.1390 again.
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