WEEKLY SNAPSHOT
Manufacturing PMI (Aug), U.K.
WHEN: WHAT IT HAD INFLUENCED:
01st SEPTEMBER 2021 GBP and its subsequent pairs
WHAT HAPPENED: The Manufacturing Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector; below 50 indicates contraction.
GBPJPY is currently in the downward channel. Further downside can be seen in the coming week.
Pending Home Sales (MoM) (Jul), U.S.
WHEN: WHAT IT HAD INFLUENCED:
30th AUGUST 2021 USD and its subsequent pairs
WHAT HAPPENED: The National Association of Realtors (NAR) Pending Home Sales Report measures the change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction.
USDCHF is trading in the parallel channel, further upside can be seen if it breaks the channel upside and vice-versa.
Manufacturing PMI (Aug), GERMANY
WHEN: WHAT IT HAD INFLUENCED:
01st SEPTEMBER 2021 EUR and its subsequent pairs
WHAT HAPPENED: The German Manufacturing Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector; below indicates contraction.
EURJPY is trading in the down channel; further downside can be seen if not able to break out the channel.
Gold at 2-Month High, up 4th Week in Row on Abysmal U.S. Jobs
WHAT IT HAD INFLUENCED:
GOLD
WHAT HAPPENED: Gold prices hit a two-month high and rose for a fourth week in a row after shockingly low U.S. jobs growth in August brought a rush of money into the yellow metal from those betting that the Federal Reserve won’t be able to taper right away the stimulus it has been providing the Covid-hampered economy.
The U.S. Labor Department reported on Friday that employers added 235,000 jobs in August, less than a third of the forecast 733,000, amid continued struggles with the coronavirus pandemic. The only consolation was the August unemployment rate improving to 5.2% from July’s 5.4%.
Prior to the release of the August job numbers, there had been rife speculation that the Federal Reserve, which has been buying $120 billion in bonds and other assets since the Covid outbreak in March last year, will taper some of its lifeline to the economy. The central bank has also been keeping interest rates at virtually zero levels for the past 18 months.
GOLD is trading in the parallel channel; further upside can be seen if it breaks the channel upside and vice-versa.
Oil Down on Day after Dismal U.S. Jobs, Steady on Week
WHAT IT HAD INFLUENCED:
CRUDE OIL
WHAT HAPPENED:
Oil prices fell about 1% on Friday after an abysmal U.S. jobs report for August, although the bottom side for crude was limited by speculation that the Federal Reserve will hold off from tapering the stimulus it was providing the Covid-restrained economy.
London-traded Brent crude, the global benchmark for oil, settled at $72.61 per barrel, down 42 cents, or 0.6%, on the day. For the week, Brent lost just 0.1%.
New York-traded West Texas Intermediate, the benchmark for U.S. oil, settled the day at $69.29 per barrel, down 70 cents, or 1%. For the week, WTI rose 0.8%.
The U.S. Labor Department reported on Friday that employers added 235,000 jobs in August, less than a third of the forecast 733,000, amid continued struggles with the coronavirus pandemic. The only consolation was the August unemployment rate improving to 5.2% from July’s 5.4%.
WTI CRUDE OIL is trading in the down channel; further downside can be seen if not able to break out the channel.
As Ethereum Approaches $4k, On-chain Data Shows Rally Will Continue Even Higher
WHAT IT HAD INFLUENCED:
ETHEREUM
WHAT HAPPENED: Even with Ethereum’s strong run where the coin has reached near $4k, on-chain data shows there is still more room for the bull rally to continue. Ethereum All Exchanges Taker Buy Sell Ratio Shoots Up As pointed out by a CryptoQuant post, the ETH all exchanges taker buy sell volume has shown a huge spike today. The Ethereum all exchanges taker buy sell ratio (or volume) is an indicator that shows the ratio between long volume and the taker seller volume.
ETHEREUM is currently in the upward channel. Further upside can be seen in the coming week.
5 KEY EVENTS TO WATCH OUT
GDP (YoY), U.K.
WHEN: WHAT IT INFLUENCES:
10th SEPTEMBER 2021 GBP and its subsequent
pairs
WHAT’S HAPPENING: Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health.
A higher-than-expected reading ought to be taken as positive/bullish for the GBP, whereas a lower-than-expected reading should be taken as negative/bearish for the GBP.
Initial Jobless Claims, U.S.
WHEN: WHAT IT INFLUENCES:
9th SEPTEMBER 2021 USD and its subsequent
Pairs
WHAT’S HAPPENING: Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week.
A higher-than-expected reading ought to be taken as negative/bearish for the USD, whereas a lower-than-expected reading should be taken as positive/bullish for the USD.
ZEW Economic Sentiment (Sep), GERMANY
WHEN: WHAT IT INFLUENCES:
07th SEPTEMBER 2021 EUR and its subsequent
Pairs
WHAT’S HAPPENING: The German Zentrum für Europäische Wirtschaftsforschung (ZEW) Economic Sentiment Index gauges the six-month economic outlook. A level above zero indicates optimism; below indicates pessimism. The reading is compiled from a survey of about 350 German institutional investors and analysts.
A higher-than-expected reading ought to be taken as positive/bullish for the EUR, whereas a lower-than-expected reading should be taken as negative/bearish for the EUR.
Employment Change (Aug), CANADA
WHEN: WHAT IT INFLUENCES:
10th SEPTEMBER 2021 CAD and its subsequent
Pairs
WHAT’S HAPPENING: Employment Change measures the change in the number of people employed. Job creation is an important indicator of consumer spending.
A higher-than-expected reading ought to be taken as positive/bullish for the CAD, whereas a lower-than-expected reading should be taken as negative/bearish for the CAD.
Deposit Facility Rate (Aug), EURO ZONE
WHEN: WHAT IT INFLUENCES:
09th SEPTEMBER 2021 EUR and its subsequent
pairs
WHAT’S HAPPENING: The deposit facility is the rate which banks may use to make overnight deposits with the Euro system.
EQUITIES IN THE COMING WEEK
1. Smartsheet (SMAR) to announce its Quarterly Results on 06th SEPTEMBER 2021, EPS estimated to -0.133 per share while revenue estimated 125.48M.
2. H&R Block (HRB) to announce its Quarterly Results on 06th SEPTEMBER 2021, EPS estimated to -0.34 per share while revenue estimated 346.65M.
3. Genius Sports (GENI) to announce its Quarterly Results on 08th SEPTEMBER 2021, EPS estimated to -0.82 per share while revenue estimated 53.75M.
4. Rev Group (REVG) to announce its Quarterly Results on 08th SEPTEMBER 2021, EPS estimated to 0.3356 per share while revenue estimated 663.47M.
5. Kroger (KR) to announce its Quarterly Results on 10th SEPTEMBER 2021, EPS estimated to 0.6281 per share while revenue estimated 30.56B.
TOP COMMODITIES IN THE COMING WEEK
GOLD
GOLD is trading in the parallel channel; further upside can be seen if it breaks the channel upside and vice-versa.
SILVER
SILVER is trading is trading in the down channel; further downside can be seen if not able to break out the channel.
WTI CRUDE OIL
WTI CRUDE OIL is trading in the down channel; further downside can be seen if not able to break out the channel.
TOP CRYPTO IN THE COMING WEEK
BTCUSD
BTCUSD is currently in the upward channel. Further upside can be seen in the coming week.
LITECOIN USD
LITECOIN USD is currently in the upward channel. Further upside can be seen in the coming week.
TOP CURRENCY IN THE COMING WEEK
EURUSD
EURUSD was trading in the down channel; it had broken the down channel upside. If able to sustain above the channel upside can be seen.
GBPUSD
GBPUSD is trading in the parallel channel, further upside can be seen if it breaks the channel upside and vice-versa.
USDJPY
USDJPY is trading in the parallel channel, further upside can be seen if it breaks the channel upside and vice-versa.
TOP INDEX IN THE COMING WEEK
NASDAQ 100
NASDAQ 100 is currently in the upward channel. Further upside can be seen in the coming week.
S&P 500
S&P 500 is currently in the upward channel. Further upside can be seen in the coming week.
DATA WATCH
