Forex Signals Brief for Sep 1: The USD Continues to Fall – Forex News by FX Leaders – FX Leaders
Posted Tuesday, September 1, 2020 by
• 2 min read
US Market Wrap
US markets continue to push higher, but the real story is the ongoing weakness in the USD.
The Greenback broke through the critical 92.00 level on the US Dollar Index which opens the door to further downside. The falling USD helped the majors remain strong and there is growing speculation that there could be more to come, thanks to the Fed all but admitting we won’t be seeing rate hikes for some time.
The Data Agenda
The day ahead appears to be a busy one on the data front and the action will get underway early in the European session.
Our UK colleagues return from a well deserved holiday and the GBP/USD will be looking at the latest data on Manufacturing PMI.
Meanwhile, the EUR/USD will see a number of top-tier data releases, with the main one being German employment data and manufacturing PMI. While CPI is also worth taking note of.
In the US, the main number today will be ISM manufacturing PMI, while we shuold also pay attention to the FOMC speakers who will be reiterating the Feds messaging of last week.
Forex Signal Update
The FX Leaders Team hit 2 winners from 3 trades yesterday, as we put together a solid week so far.
USD – Watching
The US Dollar Index has broken through the lows at the 92.00 level as mentioned above and is really the trade to watch at the moment.
Gold – Pending Signal
GOLD has pushed back towards the all-important $2000 level, but while price remains under it, we are still considering a short.
ETH is once again making its run at the $440 level and is breaking through so far in the Asian session.
Ethereum is the leader at the moment, so we should watch this move with interest as it has implications for the entire sector including BTC.
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