AUD in focus of traders
The Australian unemployment rate will be released on August 13 at 4:30 MT time!
Market updates on September 5
Forex
The British pound keeps gaining on the Brexit updates. The Parliament passed the legislation both to block a hard no-deal Brexit and a general election.
GBPUSD has crossed the resistance at 1.2290. 50-day MA may become an additional barrier. If 50-day MA is broken, consider 1.2367 as the next target.
If the pair rebounds, look at 1.2216 and 1.2170.
Commodities
Gold turned down on the risk-on sentiment.
After newly imposed bilateral tariffs and the series of failed attempts to agree on the September talks, any positive sign in the Sino-American trade war improves the market sentiment. Parties announced a fresh round of talks in October. Moreover, China confirmed its willingness to achieve progress in the negotiations. As a result, risky assets surged while safe havens moved down.
Currently, XAUUSD is at highs of 2013. Thus, a small correction is obvious. However, it doesn’t mean that the fall will prolong for a long time. Supports are placed at 1536 and 1519-1525.
Unlike gold, WTI is pushed by the risk-on sentiment. Nevertheless, risks of the decline exist. Downward pressure will pull WTI to supports at 55.30 and54.25.
Crude oil inventories data is published today at 18:00 MT time. If the release shows a decline in the number of barrels, WTI will move towards the range of 56.80-57.50.
Similar
What drives the market on August 12?
The US dollar edged higher, while gold dipped down. Let’s discuss main news and market movements in detail.
Main market movements on August 11
The market sentiment improved after the USA reported some decreasing in coronavirus hospitalizations. Gold dropped below $2 000 and the US dollar dipped down, while stocks surged. Let’s have a closer look.
Latest news
Eyes on US retail sales
Follow the report on August 14 at 15:30 MT time!
Main market movements on August 13
The market sentiment switched to risk-on. The US dollar is dipping down, while riskier assets are rising, especially the Australian dollar after the positive employment data. All eyes on US unemployment claims.
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