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Forex Analysis: Forex Weekly Outlook September 1-5

Forex Analysis: Forex Weekly Outlook September 1-5

Forex Analysis: Forex Weekly Outlook September 1-5

The euro was the big loser in a week that otherwise saw some profit taking on dollar longs. The first week of September is packed with top tier events as traders return from their vacations. Rate decisions in Australia, Canada, Japan, the UK, and most importantly the euro-zone, and US PMIs leading up to the all-important US NFP report; are the major events in our forex calendar. Check out these events on our weekly outlook.

It was yet another exciting week in markets, as currency action defied the summer heat. The echoes from Draghis Jackson Hole speech hit the euro with a gap, and it could never recover. Mediocre EZ data didnt help. The US reported stronger growth than first estimated: 4.2% growth in Q2 (annualized). Nice consumer confidence and low jobless claims also helped the dollar. But as not all indicators were impressive, it allowed some currencies to recover: the Aussie showed resilience once again, and the loonie made a comeback. On the other hand, the yen suffered from unimpressive inflation data and the pound remained depressed.

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