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USD falls on weak US Nonfarm Payrolls data, Gold rises

September 06, 2021

EUR/USD: The European currency slightly rose against the US dollar on Friday due to a much softer than expected US payrolls report. The Nonfarm payrolls increased by 235 thousand in August, far lower than market expectations. The unemployment rate fell to 5.2% as expected. All of this could have kept the Federal Reserve on hold in scaling back its massive stimulus measures. Meanwhile, Eurozone’s Retail Sales figures came in worse than expected as well. Today is Labor Day in the US and Canada, so there won’t be any important macroeconomic statistics released today. The local resistance level can be seen at 1.1907. A breakout to the upside can trigger growth to 1.1945.

BUY 1.1910/TP 1.1945/SL 1.1895


AUD/USD: The Australian dollar rose against the US dollar on Friday and saved the uptrend, which had started two weeks ago. New infections in Australia keep rising despite lockdowns, so the Reserve Bank of Australia is likely to hold over its QE tapering. The tapering plan was announced in early July and was scheduled to start in September. In the meantime, Australia has secured 4 million doses of Pfizer COVID-19 vaccines in a swap deal with Britain, doubling the nation’s Pfizer supply this month, Prime Minister Scott Morrison said last week. The economy of Australia rose 0.7% in the June quarter, beating the consensus forecast. The trade surplus in July rose to a record high on the back of higher exports of LNG, coal and iron ore. The local support level can be seen at 0.7420. If the price tests this level and bounces from it, it can trigger growth towards 0.7485.

BUY STOP 0.7425/TP 0.7485/SL 0.7405


XAU/USD: Gold rose more than 1% to its highest in 1 month on Friday. It happened due to a slower-than-expected US jobs growth in August and general US dollar weakness. The US economy will keep seeing inflationary pressures, which drive further gold growth. Gold could push towards the $1850 mark if the US dollar index weakens any further. The market has now shifted its focus to the ECB’s Interest Rate Decision later this week.

BUY $1835/TP $1850/SL $1830