1. Forex Market Insight
EUR/USD down 0.99%, falling back below parity at $0.9953.
GDP/USD hit a new two-and-a-half-year low of $1.1501 and ended the session down about 0.69%.
Manufacturing activity across the eurozone contracted for the second consecutive month in August, a survey showed.
European energy prices eased slightly this week, but remain at high levels.
(EUR/USD 1-hour chart)
We focus on the 0.09999-line today. If EUR runs steadily below the 0.9999-line, then pay attention to the support strength of the two positions of 0.9909 and 09864. If the strength of EUR breaks above the 0.9999-line, then pay attention to the suppression strength of the two positions of 1.0116 and 1.0190.
GBP Intraday Trend Analysis
GBP/USD experienced its worst month in August since the EU referendum, as political uncertainty in the U.K. and the cost-of-living crisis put the pound under enormous pressure.
GBP/USD fell 4.5% cumulatively in August, and on Thursday, 1st September, GBP continued to fall and once fell below the 1.15 handle to hit a low of 1.1498, closing down 0.66% at 1.1543.
(GBP/USD 1-hour chart)
GBP is mainly focused on the 1.1554-line today. If GBP runs below the 1.1554-line, it will pay attention to the suppression strength of the two positions of 1.1501 and 1.1421. If GBP runs above the 1.1554-line, then pay attention to the suppression strength of the two positions of 1.1622 and 1.1696.
2. Precious Metals Market Insight
Gold prices fell below the key $1,700 level on Thursday, 1st September 2022, for the first time since July as a rising dollar and expectations of aggressive interest rate hikes weakened gold’s appeal.
The dollar index rose to a 20-year high after data showed U.S. manufacturing grew in August.
And initial jobless claims fell last week, which gives the Fed more room for aggressive rate hikes.
(Gold 1-hour chart)
Gold pays attention to the 1700-line today. If the gold price runs steadily below the 1700-line, then it will pay attention to the support strength of the 1693 and 1680 positions. If the gold price breaks above the 1700-line, then pay attention to the suppression strength of the two positions of the 1713 and 1720.
3. Commodities Market Insight
WTI Crude Oil
Oil prices plunged nearly 3% on Thursday, 1st September 2022, as concerns about high inflation and interest rate hikes weakening fuel demand intensified.
According to the Organization of Petroleum Exporting Countries (OPEC) and the OPEC+ coalition of its allies, the oil market will still see a small surplus of just 400,000 barrels per day in 2022, well below previous forecasts, due to insufficient production from member countries.
OPEC+ also predicts a shortage of 300,000 barrels per day in the oil market in 2023.
(Crude oil 1-hour chart)
Oil prices focus on the 88.02-line today. If the oil price runs above the 88.02-line, then focus on the suppression strength of the two positions of 90.44 and 91.54. If the oil price runs below the 88.02-line, then pay attention to the support strength of the two positions of 85.72 and 83.74.
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