Euro and Pound Under Pressure; Markets Await US PMI Data
At 3:00 PM today, the US ISM Manufacturing PMI for August is expected to be released, with forecasts pointing to 46.8, slightly down from the previous 47.5, indicating a continued contraction in the manufacturing sector.
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EUR/USD: Is trading around 1.1059, slightly down by 0.07% today. The pair is under pressure as the market remains cautious ahead of the US PMI data. Recent Eurozone data has been mixed, contributing to a lack of strong momentum for the Euro.
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GBP/USD: Is trading at 1.3123, down by 0.13%. The pair is showing some weakness, largely due to cautious markets. The dollar seems to be making a recovery over recent lows.
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USD/JPY: Is trading at 146.31, down by 0.30% today. The Yen has gained slightly as traders wait the upcoming US economic data, which could influence expectations around US monetary policy.
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AUD/USD: Is under pressure, trading around 0.6740, down by 0.70% today. This decline is driven by concerns over China’s economic performance, as Australia is an export-driven economy. The Aussie remains sensitive to any news regarding China’s growth outlook.
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NZD/USD: Is also weaker, trading around 0.6194, reflecting a 0.57% drop today. Similar to the Australian Dollar, the Kiwi is affected by concerns over global demand and economic data from China, a key trading partner.
Commodities
- Crude Oil: WTI is at $74.09 per barrel, slightly up by 0.04% today amid ongoing supply concerns.
- Brent Oil: Trading at $77.41 per barrel, up by 0.17% today.
- Gold: Gold is priced at $2,494.75 per ounce, slightly down by 0.10%, as traders await US economic data.