What drives the market on August 28?

What drives the market on August 28?

The previous day was full of economic releases and events. Let’s discuss them.


US unemployment claims came out a little bit worse than analysts expected. 1 006 000 people filed for jobless benefits. While the forecast was 1 million. The US preliminary gross domestic product contracted more than ever in the US history. However, it has still beaten estimates. It slumped by 31.7%, while the forecast was -32.5%.

Later on the Fed has made a really dovish statement. Fed’s chairman Jerome Powell announced the more relaxed approach on inflation. So, basically it allows inflation to run above the 2% target and unemployment to run lower. Rates will stay at low levels for longer, and lower rates will weigh on the US dollar. As a result, the US dollar dipped down, while riskier currencies and stocks significantly rose.

Technical tips

Let’s look at the charts. EUR/USD has climbed up and broken through the resistance of 1.8800. If it manages to cross the key psychological mark of 1.9000, it will rise to 1.1950. In the opposite scenario, if it breaks down the support of 1.8800, it will open doors towards the 1.1800 mark.


S&P 500 reached a record high at 3 500. If it crosses 3 550, it may rise further to 3 600. Otherwise, if it falls below the yesterday’s low of 3 470, it will clear the way to 3 430. Notably, Donald Trump claimed yesterday that he wants to end reliance on China once and for all, it may deteriorate the overall sentiment.


Let’s move on to gold. The yellow metal is edging higher. If it breaks through the high of August 26 at $1 955, it will surge further to the resistance of $1 970. On the flip side, the move below $1 930 will drive it lower to the support of $1 910.


AUD/USD has approached the key resistance of 0.7300, If it breaks it through, the way to 0.7335 will be clear. In the opposite scenario, if it drops below the support of 0.7235, it may dip down to the next one at the key psychological mark of 0.7200.


Follow up:

Follow the Canadian GDP and US personal spending reports today at 15:30 MT time!

Check the economic calendar

Watch our daily forex trading plan!



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

US Dollar Index at a 3-month Low
US Dollar Index at a 3-month Low

The USD weakened after Fed Chair Powell hinted at a slowdown of rate hikes, and stocks strengthened. What else is moving the markets today?

Soon Bullish Rally for Gold
Soon Bullish Rally for Gold

The winter is coming, and risky markets expect a rally to come with it. Will this December be bullish for stocks, crypto, and gold? A pack of news will surely help you out.

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.


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