Market News The pound against the dollar fell slightly from the top in three weeks after the non-agricultural data unexpectedly upset
The pound against the dollar fell slightly from the top in three weeks after the non-agricultural data unexpectedly upset
On September 3, the pound against the US dollar rushed to the top of the three-week period after a long period of silence, and then fell slightly after the US non-agricultural unexpected upset in August.
2021-09-03
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On Friday (September 3), the rise in the pound against the US dollar after the release of the non-agricultural employment data faded and fell rapidly from the three-week peak.
After a brief consolidation during the day, the British pound gained some new buying orders against the U.S. dollar and continued the previous day's rise above the 1.3800 mark. Due to market suspicions about the recovery of the US labor market, the U.S. dollar is still sluggish, which in turn pushed the pound higher for the third consecutive day.
After the closely watched non-agricultural employment report was released, the selling pressure of the dollar accelerated. The report showed that the US economy added 235,000 jobs in August, which was lower than the expected 750,000. To some extent, the disappointing overall data was offset by the upward revision of last month’s data from the initial announcement of 943,000 to 1.053 million.
More details show that the unemployment rate fell to 5.2% from 5.4% in July, in line with market expectations. In addition, the average hourly wage data is also better than generally expected, showing strong growth. However, these data may have forced investors to further postpone their expectations for the upcoming announcement of a reduction in bond purchases.
At the same time, weak US economic data now seems to raise concerns about the risks associated with the rapidly spreading Delta variant of the coronavirus. This can be clearly seen from the mild correction of US stock futures, which provides some support for the safe-haven dollar and limits the upside of the pound against the dollar.
Credit Suisse analysts expect the exchange rate to move higher in a broader convergence range, with resistance at 1.3875-88, followed by a 50% retracement at 1.1908, and the next major resistance at 1.3968-90, which is the July high. , The 61.8% retracement level and the top of the convergence interval.
The support level was initially seen at 1.3807/02 and then at 1.3782. It needs to break below the short-term uptrend line 1.3766-59 to ease the current upward bias. If it falls below the midweek low of 1.3731, it will mark the previous'false' upward breakthrough, and then it will fall back towards 1.3680.
(The British pound against the U.S. dollar daily chart)
At GMT+8 21:24, the pound was quoted at 1.3851 against the US dollar.
After a brief consolidation during the day, the British pound gained some new buying orders against the U.S. dollar and continued the previous day's rise above the 1.3800 mark. Due to market suspicions about the recovery of the US labor market, the U.S. dollar is still sluggish, which in turn pushed the pound higher for the third consecutive day.
After the closely watched non-agricultural employment report was released, the selling pressure of the dollar accelerated. The report showed that the US economy added 235,000 jobs in August, which was lower than the expected 750,000. To some extent, the disappointing overall data was offset by the upward revision of last month’s data from the initial announcement of 943,000 to 1.053 million.
More details show that the unemployment rate fell to 5.2% from 5.4% in July, in line with market expectations. In addition, the average hourly wage data is also better than generally expected, showing strong growth. However, these data may have forced investors to further postpone their expectations for the upcoming announcement of a reduction in bond purchases.
At the same time, weak US economic data now seems to raise concerns about the risks associated with the rapidly spreading Delta variant of the coronavirus. This can be clearly seen from the mild correction of US stock futures, which provides some support for the safe-haven dollar and limits the upside of the pound against the dollar.
Credit Suisse analysts expect the exchange rate to move higher in a broader convergence range, with resistance at 1.3875-88, followed by a 50% retracement at 1.1908, and the next major resistance at 1.3968-90, which is the July high. , The 61.8% retracement level and the top of the convergence interval.
The support level was initially seen at 1.3807/02 and then at 1.3782. It needs to break below the short-term uptrend line 1.3766-59 to ease the current upward bias. If it falls below the midweek low of 1.3731, it will mark the previous'false' upward breakthrough, and then it will fall back towards 1.3680.
(The British pound against the U.S. dollar daily chart)
At GMT+8 21:24, the pound was quoted at 1.3851 against the US dollar.
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