Daily wrap up – 4 September

4 Sep 2017 07:16 PM

The markets are looking forward to a number of central bank meetings this week as well as some important economic data. The currency market today saw some price gaps as well as the decline of most of the global stocks with the opening of the week, after the North Korea's the most powerful nuclear test on Sunday undermined investors' risk appetite amid reports that Pyongyang was ready to launch another missile. While the US and Canadian markets closed due to the Labor Day.
With the start of trading today, gold prices rose strongly with a price rally reaching its highest level since September 25, 2016 at 1339.77 dollars an ounce. Prices are expected to cover the price gap at 1325 dollars.
While the dollar index fell to its lowest level since last Friday at 92.39. On the other hand, safe haven currencies rallied as the yen rose by 0.6% against the US dollar, the USDJPY hit its lowest level since August 30 at 109.37 and the Swiss franc rose by 0.7% against the dollar as USDCHF reached to 0.9550, the lowest level since Friday after disappointing US employment data.
In the oil markets, prices have seen some noticeable rise in light of the closure of US oil refineries due to Hurricane Harvey, which hit the US coasts, where the US oil fell slightly after testing the resistance level at 47.60$ a barrel.
On the economic calendar, Britain's construction sector data showed a slowdown in August to 51.1 points, the lowest in a year.

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