Down from 17.8 last month
US auto sales for August come in weaker at 16.98M sales pace
US auto sales for August come in weaker at 16.98M sales pace
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Talking Points:
- USD/JPY Continues to Carve Near-Term Bullish Pattern; Former-Support in Focus.
- USDOLLAR Struggles Ahead of NFP Report as Mixed U.S. Data Persists.
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USD/JPY

Chart - Created Using FXCM Marketscope 2.0

Why and how do we use the SSI in trading? View our video and download the free indicator here
USDOLLAR(Ticker: USDollar):
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Why and how do we use the SSI in trading? View our video and download the free indicator here
XAUUSD – Retail FX traders are at their most heavily net-long Gold prices in over eight months, and a contrarian view of ‘crowd’ sentiment points to further XAU/USD weakness. A further break below key support near the $1,300 mark would help confirm a larger trend turnaround. And it will be important to watch how traders respond to Gold prices at the psychologically-significant price floor.
As long as retail FX traders continue to buy, we will continue to call for Gold price weakness.
See next currency section:S&P - US S&P 500 Looks at Danger of Turnaround
--- Written by David Rodriguez, Senior Strategist for DailyFX.com
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Contact David via Twitter at http://www.twitter.com/DRodriguezFX
Yesterday he had this to say from Beijing
Go on. show them that party trick. That's bound to impress 'em.
Courtesy of our friends at efxnews.com
Investing.com - La sterlina sale contro il dollaro questo giovedì riavvicinandosi al massimo di un mese dopo la pubblicazione dei dati positivi sull’attività del settore manifatturiero britannico che ha alimentato l’ottimismo per la forza dell’economia in seguito al voto sulla Brexit.
Il cambio GBP/USD ha toccato 1,3251 negli scambi della mattinata europea, il massimo dal 26 agosto; successivamente la coppia si è attestata a 1,3242, su dello 0,78%.
Supporto a 1,3063, il minimo di ieri e resistenza a 1,3349, il massimo del 4 agosto.
La sterlina si è rafforzata dopo i dati che hanno mostrato che l’attività del settore manifatturiero britannico è tornata in espansione ad agosto dal minimo dall’inizio del 2013.
Nel report del gruppo di ricerche di mercato Markit si legge che l’indice dei direttori acquisti per il settore manifatturiero britannico è salito al massimo di 10 mesi di 53,3 il mese scorso da 48,2 di luglio. Gli analisti avevano previsto un aumento a 49,0 per il mese di agosto.
Il sentimento dei marcati è stato inoltre incoraggiato dai dati che hanno rivelato che anche l’attività manifatturiera in Cina è tornato in espansione questo mese, con l’indice PMI ufficiale per il settore manifatturiero a 50,4 da 49,9 di luglio.
Tuttavia, il biglietto verde resta supportato dai dati incoraggianti sull’occupazione statunitense pubblicati ieri che hanno alimentato le aspettative di un aumento dei tassi da parte della Federal Reserve.
L’agenzia di elaborazione buste paga ADP ha dichiarato che l’occupazione non agricola privata è aumentata di 177.000 unità il mese scorso, superando le attese di un incremento di 175.000 unità.
I dati hanno seguito di un giorno le parole del Vice Presidente della Fed Stanley Fischer secondo cui il mercato del lavoro statunitense ha quasi raggiunto la piena forza e il ritmo degli aumenti dei tassi di interesse dipenderà dai dati.
La sterlina balza contro l’euro, con la coppia EUR/GBP che crolla dell’1,04% al minimo di un mese di 0,8405.
Today it’s time to interview one of the guys of our Content department. We want to present you Tomàs, FXStreet’s Contributors Account Manager, who is in charge of contacting contributors to arrange collaborations while he manages their profiles. Tomàs has always a positive attitude, loves soccer and his motto is to do what you really love in life. What is more, and it might surprise you, discover how the Disney movie “Frozen” impacted his life.
How does a day in the life of the Contributor Accounts Manager FXStreet look?
My workday begins in a stand-up meeting where we discuss the issues of the day. My daily goals are to fulfill contributors in everything they need, manage their profiles to be always up to date and to look for talent that meets requests from publishers.
You have recently joined FXStreet’s team, what do you like best about your job?
The fantastic atmosphere in the team and the motivation for doing the best job possible. It makes the energy flow and makes me feel really good.
What do you like least about your job?
I don’t know if at some point I can answer you, but today I still can not say something that does not satisfy me.
If you were not a Contributor Accounts Manager, what would you like to do for a living?
All my life I made my passion my way of life, so that would include everything related to finances, animals, education, sport and so on. I can consider myself as someone versatile.
Animated gifs are often used in internal emails among collaborators at FXStreet… share with us a gif that you particularly like!
We almost all put our headphones on when working here at the office. What do you usually listen to?
I like varied music, from AC DC to Coldplay, Adele, David Guetta, Dire Straits and Fosters the People. Each style has its moment.
What are your favorite bands at the moment?
Well, I don’t know what bands are the most popular these days. Now my musical adviser is my daughter, so that would include the soundtrack from the Disney movie “Frozen”.
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Any weird habit you have when working?
For working, I drink coffee, lots of coffee. But seeing any of my colleagues this is not bizarre, they are professionals in matters of caffeine.
What are the software, websites or tools you mostly use at work? What for?
Mainly office software, such as proprietary software to manage contributors, publications and graphics. You have to be prepared for everything.
Talking about websites, I check sites about financial news and team management. My wish is that contributors feel happy to be part of FXStreet.
What do you typically do when you get out of the office?
I do all I can to be with my family and my friends. My children grew up so fast, so now I can enjoy some free time. Though, my kids tell me nice things!
Do you have a specific hobby?
I love to go fishing and I would love to play golf again but it’s a demanding sport that requires time. Also, I like to play online games to shot up a little action.
Do you have a pet? Share a picture of it!
Two weeks ago I had to sacrifice my dog that accompanied me for 15 years. It was very hard for my family and me but it was the best because he had no quality of life. Apart from this, at home we have two cats, but cats are more independent than dogs.
What are your holiday plans in the upcoming months?
I have two traveling goals, but they will not be in few months. I want to go to Disneyland with my little daughter because her sisters have already been there and I would like to enjoy it with her too. Then, I owe a special and romantic trip to my wife to the Greek islands.
What are your favorite websites? Do not say FXStreet 😉
As I like to stay informed about financial markets, my favorite sites are Marketwatch, Bloomberg and Reuters.
What is the last movie you’ve watched? Would you recommend it?
Frozen!! I don’t recommend it, only if you have little daughters. But I guarantee you that you may not see anything else in years…
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A sport you like to practice?
I love all sports, though an injury prevents me practicing the most aggressive ones. At soccer, the best is the futsal playing.
Do you support the Barça? If not, dare to say which football team you support… if any
I’m a huge fan of Barça, it’s something in my heart. I do enjoy watching their football matches because they are absolutely the best football team in the world!
Switzerland's banks shed just over 1,000 jobs last year with the pace of staff cuts accelerating in the first half of 2016, although the outlook for the rest of the year was "stable", the country's banking lobby said on Thursday.
Full-time staffing levels in Switzerland fell 1 percent last year to 103,041, the Swiss Bankers Association said in its annual industry review.
Job numbers last year were hit by several foreign banks pulling out of Switzerland, the SBA said, with the number of banks in Switzerland decreasing in 2015 to 266 from 275.
However, an SBA survey also found its banks had already recorded 3,454 fewer employees in the first half of 2016, equivalent to 4.1 percent of the workforce, although "the outlook for the employment trend for the rest of the year is stable," the SBA said in a statement.
Many Swiss private banks, which for years benefited from clients bringing money to Switzerland to take advantage of the country's banking privacy rules, are struggling following a clampdown by the United States and other countries on tax evasion and increasing regulatory costs.
At an industry level, banks are under pressure to cut costs amid record-low interest rates, penalties for hoarding cash with central banks, tough financial markets and conservative trading.
Deals involving foreign banks last year included Royal Bank of Canada's sale of its Swiss private bank to Syz & Co and Union Bancaire Privee's acquisition of Switzerland-based Coutts International from Royal Bank of Scotland.
(Reporting by Joshua Franklin; Editing by Greg Mahlich)
A new month ahead that should provide plenty of opportunities so what are you looking for?
Prefer intra-day or longer-term strategies? Central banks on the agenda with one girl in particular in focus but what else can we expect as September reveals itself?
Share all with your ForexLive community here.
Big Star - One of the greatest bands ever but who never got the success they so richly deserved. If you don't know them then my trading idea for you today is to find time to check them out. Also check Chris Bell's I am the Cosmos album. Listen, learn, and weep.
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Better news for India after yesterday posting April-June GDP of 7.1% vs 7.6% expectations but hey, it's all relative.
Asia kicked off September with a data deluge, but it didn't translate into much in the way of forex movement. Check out the bullets above for all the data results, but in very brief:
EUR, CHF and GBP (all against the USD) are little changed indeed on the session. Gold, ditto while oil has added a few cents.
Regional equities:
Talking Points
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The Australian Dollar showed a mild reaction after better-than-expected Chinese Manufacturing PMI data crossed the wires as U.S. employment figures remain the focus in the near term. China is Australia’s largest trading partner, meaning economic performance there can be formative for the latter country’s growth and policy trends.
Official PMI data showed that the factory sector activity grew at the fastest pace since October 2014. However, an analogous private-sector estimate from Caixin disagreed, suggesting manufacturing stalled in August having expanded in the prior month. On the services side of the equation, official figures suggested activity growth slowed for the first time in three months.
The Aussie’s tepid reaction to the data may reflect the disconnect between public- and private-sector figures. Upcoming event risk may have also played a part as markets await the release of Augusts’ US Employment report on Friday. Speculation over the timing of the next Fed rate hike has dominated investors’ attention since last week’s high-profile speech from Fed Chair Janet Yellen at the Jackson Hole Symposium.

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Talking Points:
Crude oil prices plunged after EIA inventories data showed stockpiles grew by an unexpectedly large 2.28 million barrels last week. Economists were projecting a smaller gain of 825k barrels before the report crossed the wires. An estimate from API hinted at a larger-than-forecast build but the official outcome easily dwarfed that projection as well. The WTI contract found no lifeline in supportive comments from Saudi Energy Minister Khalid Al-Falih, who said the kingdom will boost output to capacity and flood the market.
Gold prices stalled after sinking to two-month lows amid relative standstill in Fed monetary policy speculation. Comments from Boston Fed President Eric Rosengren echoed the cautiously hawkish lean on offer from Chair Yellen and Vice Chair Fischer in recent days. Remarks from Chicago Fed President Charles Evans and Minneapolis Fed President Neel Kashkari were mostly uneventful. Narrowly better-than-expected ADP Employment data fueled an intraday spike lower but follow-through proved limited.
Looking ahead, the Fed rate hike outlook remains in the spotlight as Augusts’ ISM Manufacturing report and scheduled commentary from Cleveland Fed President Loretta Mester cross the wires. US economic news-flow has cautiously improved relative to consensus forecasts over the past week, hinting at the possibility of an upside surprise. Such a result would be amplified if Mester follows fellow FOMC voter Rosengren, toeing the line established by Fed leadership last week. 3
An up-shift in tightening bets stands to boost the US Dollar and weigh on commodities in this scenario. Follow-on momentum may be limited however as traders withhold directional conviction ahead of the looming release of official US Employment figures on Friday.
Retail traders are net-long gold. Find out here what this hints about where prices are going.
GOLD TECHNICAL ANALYSIS – Gold prices paused to digest losses at support in the 1303.62-08.00 area (May 2 high, 38.2% Fibonacci retracement), a barrier capping the downside since late June. A daily close below this barrier opens the door for a test of the 50% level at 1287.29. Alternatively, a reversal above support-turned-resistance in the 1329.79-33.62 zone (August 8 low, 23.6% Fib) sees the next upside barrier at a falling trend line set from the early-July swing top, now at 1349.64.

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices continue to decline after carving out a top below the $49/bbl figure (as expected), posting the largest daily decline in a month. A daily close below the 50% Fibonacci retracement at 44.07targets the 61.8% level at 42.91. Alternatively, a move back above the 38.2% Fibat 45.22 exposes the 23.6% retracement at 46.65 anew.

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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