Main market movements on September 8

Main market movements on September 8

The US dollar continues climbing up, while the euro and the pound are dipping. Let’s have a closer look.


  • The USD keeps rallying after the upbeat NFP report. Moreover, the upcoming US presidential elections in combination with escalating Sino-American tensions underpinned the safe-haven greenback. Going a bit further, US authorities are planning to impose bans on goods, made of cotton from China’s Xinjiang province. Elsewhere, yesterday the US was thinking of blacklisting China tech firm SMIC, which in turn would put a lot of pressure on China’s technology companies.
  • Most analysts have bearish prospects on the euro ahead of the ECB meeting on Thursday. As you might know, the European Central Bank is not satisfied with the appreciated single-currency as it impacts negatively exports. Therefore, the ECB statement is widely expected to be dovish, which should push the euro to the downside. However, today the better-than-expected German Trade Balance added some tailwinds to the EUR. It turned out 18.0 billion euros, while 14.9 billion were expected.
  • The possibility of a no-Brexit deal weighs on the British pound. The UK Prime Minister Boris Johnson claimed yesterday the deadline of October 15 to end Brexit talks, but both have been still far away from reaching a compromise. Besides, the UK is going to impose new laws, which will cancel some significant parts of the EU-UK agreement. Talks will continue today. Further prolongation of the Brexit deal will weigh more on the GBP. Stay tuned!
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Technical tips


EUR/USD has just bounced off the key support of 1.1800. driven by upbeat economic data. If it manages to cross it, the way towards the next support at the low of August 21 at 1.1770 will be clear. In the opposite scenario, if the pair jumps above the Friday’s high at 1.1860, it may reach the key psychological mark of 1.1900.


S&P 500

S&P 500 has reversed its losses. If the stock index goes above the high of August 25 at 3 445, it will jump higher to the next resistance at 3 480. Otherwise, the move below the key psychological mark of 3 400 will drive the price to the low of August 20 at 3 350.



The British pound has sharply dropped amid the fears of a no-Brexit deal. If it falls below the low of August 25 at 1.3125, it may dip down to the next round number at 1.3050. On contrary, the move above the resistance of 1.3180 will prove the breakout of the descending channel and will drive the price upward to 1.3250.



Finally, let’s talk about gold. It has been still trading inside of the triangle. If it breaks through $1 925, it will be the pivotal point, which will push the yellow metal down to $1 910, Otherwise, the move above $1 950 will drive the price to the upper trendline near the $1 970 level.




US Dollar Might Get Under Pressure After These Events
US Dollar Might Get Under Pressure After These Events

Today, two events will shake the US dollar. First, at 16:45 GMT+2, Markit, a statistical company, will release the US Flash Services PMI. Moreover, at 21:00 GMT+2, the Federal Reserve will release its meeting minutes.

Traders Should Know About These Releases
Traders Should Know About These Releases

The G20 summit and the US PPI release gave us a lot of volatility to trade on. Luckily, today’s markets may be even more volatile with new vital releases and geopolitical decisions. The daily news report will surely help you!

Latest news

Chinese workers are on strike
Chinese workers are on strike

  Good morning, dear traders! Hope you’re doing great! Let’s talk about the news that is worth following today!  Key market events: 15:30 MT, CAD GDP m/m 17:00 MT, GBP BOE Gov Bailey Speaks Oil is tensed again Oil rose as China refined its approach…

How to trade the JPY?
How to trade the JPY?

Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:

FOMC Minutes Brought Insights
FOMC Minutes Brought Insights

Hello, dear traders! We hope you have a great day! Let’s see what news is worth following today! Market closing US stock exchanges will be closed due to the Thanksgiving holiday…

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