Forex Market Moves: August 31, 2023
The Forex market is trading mixed in early trading on Thursday, August 31, 2023. The US dollar is slightly weaker against most major currencies, while the euro is slightly stronger.
The euro is benefiting from positive economic data out of Europe. German inflation data came in higher than expected, while French industrial production data also beat expectations. This is supporting the euro against the dollar, which is weighed down by concerns about the US economic outlook.
The US dollar is also under pressure from the upcoming US jobs report. The report is due out later today and is expected to show that the US economy added 200,000 jobs in August. This would be the third consecutive month of job growth above 200,000. However, some economists are concerned that the US economy is starting to slow down, and a weaker-than-expected jobs report could pressure the dollar.
Here are some of the top Forex market movers so far today:
- EUR/USD: The euro is up 0.08% to 1.1025.
- GBP/USD: The pound is up 0.03% to 1.3100.
- USD/JPY: The dollar is down 0.02% to 111.25.
- AUD/USD: The Australian dollar is up 0.02% to 0.7200.
- NZD/USD: The New Zealand dollar is up 0.05% to 0.6850.
The Forex market is likely to remain volatile in the coming hours, as traders await the release of the US jobs report. If the report shows that the US economy is slowing down, the dollar could come under further pressure. However, if the report shows that the economy is still growing at a strong pace, the dollar could rebound.
In addition to the US jobs report, traders will also be watching the release of other economic data out of the US and Europe today. This includes US retail sales data and European industrial production data. These reports could also have a significant impact on the Forex market.
Overall, the Forex market is trading in a range today, with the euro and pound slightly stronger against the dollar. The market is likely to remain volatile in the coming hours, as traders await the release of key economic data.
Some important factors that could influence the FX market in the near future:
- The US jobs report
- Other economic data out of the US and Europe
- Political developments
- Commodity prices
- Investor sentiment