Trade ideas for August 2-6

Trade ideas for August 2-6

The Nonfarm Payrolls will be the most important event of the week as it may impact the Fed’s future policy. All traders will wait for it eagerly. To predict the outcome of NFP, we recommend following such US indicators this week as ISM Manufacturing & Services PMI and the ADP report. They tend to give an early outlook on the US labor market, that’s why most analysts make their forecasts for NFP based on them.

Trade ideas

Forex

The last week was one of the toughest for the US dollar so far this year. The Federal Reserve claimed that the current US economic progress is not good enough for paring back the stimulus. Those comments negatively impacted the US dollar and sent it to the one-month low. Besides, the US revealed a set of poor economic indicators: GDP growth, jobless claims, and home sales. As a result, the USD weakened, allowing EUR/USD and XAU/USD (gold) to rally. If the momentum sustains, EUR/USD may move to the psychological mark of 1.2000.

Stocks

The stock market is of interest to all these days. The Fed’s dovish policy continues to support stocks and stock indices near record highs. Meanwhile, the largest Chinese companies and stock indexes dropped as China pressed its big-cap companies with strict regulations. Moreover, the earning season continues! US companies are revealing their earnings results for the second quarter. Pay closer attention to General Motors as it should grow in the long-term due to Biden’s infrastructure plan. GM will release its Q2 data on August 4 before the US stock market opens. If the release is positive, GM may surge to $60.00.

Oil & metals

Oil prices are moving up driven by the global economic recovery. Last week’s US crude oil inventories declined, signaling the increasing demand for crude oil. Brent oil (XBR/USD) is just below $75.00. If it manages to break it, the way to $76.00 will be clear.

Risk warning

The following information is not investment advice. Remember that trading is risky. Manage your funds carefully and remember that you can use Take Profit and Stop Loss orders to maximize your gains and limit your losses.

TRADE NOW

Similar

Latest news

The Most Important News For Today
The Most Important News For Today

News is always essential. Especially when we speak about the FOREX market. What is the most important information for today? Let's see together.

Forex News March 29
Forex News March 29

Forex, Crypto, Metals, and Stocks News for March 29. Here’s what you need to know for today:

The Most Important News For Today
The Most Important News For Today

The news is essential if you want to trade. Don't miss our digest, where we'll tell you about the most interesting events, happening right now.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera