Forex Technical and Fundamental Analysis for the Week of September 05, 2011

EUR/USD Technical Analysis for the Week of September 05, 2011

The EUR/USD pair fell hard during the week as traders continue to express concern over the European debt crisis. The pair looks like it is stuck in a range though, and the 1.40 area has held quite firmly over the last several months. The 1.45 has kept a cap on the price of this pair, and as such we fell this pair cannot be a long-term trade until we overtake one of these two levels. In the meantime, it will be the playground for day traders.

EUR/USD Weekly Fundamental Analysis for the Week of September 05, 2011

The EUR/USD ended with heavy losses last week as the bearishness haunted the euro with the worsening recovery outlook and debt crisis. Fears over the stability of the euro area are rising once again and last week the data were weak with falling inflation, contracting manufacturing and rising unemployment. Also fears that Greece might be denied the second bailout are back to surface and we expect them to affect the euro this week. The finance minister said talks are on hold with international lenders after Greece was seen likely to miss the 2011 budget target by at least one percentage point and they will return in around 10 days after assessing the conditions. This week the debt woes and the rate decision will be the main focus. Investors are awaiting the ECB rate decision and Trichet’s press conference after the president said the bank will reassess inflation threats and the ECB shadow council called on the bank to reverse the rate hikes to stave off recession threats. With the lack of major U.S. data the volatility will extend and the euro will continue the choppy trading with one eye on the rate and the other on Greece and the progress on the second bailout that is needed to prevent the nation from becoming the first euro area sovereign default. Other news from the euro area and the U.S. economy to affect the pair this week: Monday September 05: Germany will report the final August revision for the Services PMI at 07:55 GMT and expected to hold steady at 50.4. The week will start with the final revision for the August PMI Services at 08:00 GMT which is expected unrevised at 51.5 as for the Composite PMI it is expected with downside revision after the manufacturing contraction to 50.9 from 51.1. The retail sales for July will follow at 09:00 GMT which are expected flat on the month following 0.9% increase and on the year to drop by 0.8% following 0.4% drop. U.S. markets will be absent on Monday celebrating labour Day. Tuesday September 06: The euro area will report the preliminary GDP estimate for the second quarter at 09:00 GMT which is expected to remain unrevised on the quarter with 0.2% expansion. Household consumption is expected with 0.2% drop following 0.3% rise the previous quarter, while Government Expenditure to slow to 0.1% from 0.8% the previous quarter and Gross Capital Formation also slowing with 0.8% expansion following 2.1% the previous quarter. Germany will following at 10:00 GMT with Factory Orders for July which are expected with 1.5% drop on the month following 1.8% rise and on the year to ease to 6.5% following 6.7%. The U.S. market will rejoin the market with the release of the ISM Services for August at 14:00 GMT and expected to slow to 51.0 from 52.7. Wednesday September 07:                                                The euro area has no data queued for release which leaves the focus on the rate decision on Thursday. As for the United States the data is light too with the Fed’s Being Book on the queue at 18:00 GMT. Thursday September 08: Germany will start the decision day early at 06:00 GMT with trade figures. The July trade surplus is expected to narrow to 11.5 billion euros from 12.7 billion euros where exports are expected with 0.5% rise following 1.2% slump while imports are to rise 0.3% following 1.2% slump. Eyes will be on the ECB rate decision on Thursday at 11:45 GMT which is expected so far with steady rates at 1.5%. The most important event will be Trichet’s press conference at 12:30 GMT where the recent comments have been dovish for the president and the calls for interest rate cuts are rising which is why investors are focused to see any other hints for monetary loosening which will surely be very bearish on the euro if seen and if the new Governing Council projections negate this sentiment and reiterate the focus on inflation the euro will find some support. Thursday is the busy day for U.S. fundamentals this week, starting at 12:30 with the weekly jobless claims after the unexpected drop last week to 409 thousand. Also at 12:30 GMT we have the trade figures for July where the trade deficit might have narrowed to $50.4 billion from $53.1 billion. The day will end with the Consumer Credit for July at 19:00 GMT which is expected to narrow to $6.000 billion from $15.532 billion. Friday September 09: Germany will end the week with the final revision for August inflation figures at 06:00 GMT as inflation is expected to remain unrevised in EU harmonized terms at -0.1% on the month and 2.4% on the year. The United States will end with wholesale inventories for July at 14:00 GMT which is expected to tick higher to 0.8% from 0.6%.

AUD/USD Technical Analysis for the Week of September 05, 2011

The AUD/USD pairrose again on the week, but fell towards the end. The resulting candle is green, but looks a little like a shooting star. Because of this, we feel a pullback might be coming. The 1.05 area should be supportive, and we would be willing to buy the pair at this area on signs of support coming into the markets. The pair is more than likely set to consolidate between 1.05 and 1.10 over the next couple of months. We don’t sell this pair unless we close below parity.

AUD/USD Weekly Fundamental Analysis for the Week of September 05, 2011

The Australian dollar inclined last week against its major counterparts and the U.S. dollar as Asian stock markets rose after the Federal Reserve Chairman Bernanke said he is “optimistic” about long-term prospects to restore faith yet fears started to increase again with the abysmal jobs data. Moreover, Aussie fluctuated as the concern about the global economic recovery that dampened demand for the higher yielding currencies and pushed investors’ investment to the safe haven commodities. This week the focus will be on the central bank decision which has provided aussie with support in the past week on reduced bets the bank will cut rates soon. The focus remains on the recovery after the natural disaster and this week data will either support or weaken aussie if the second quarter GDP confirmed the expected expansion to reverse the first quarter’s contraction. Still the fears dominate the market and the Australian currency will suffer from the weak sentiment and pessimism if investors remained worried over the outlook with the signs of slowing growth. Major highlights for this week that will affect the AUD/USD pair’s trading Monday September 05: The Australian economy will start the week with the AiG performance of services index for August at 23:30 GMT (Sunday) after recording 48.8 during July. The AUD ANZ job advertisements index for August is due at 01:30 GMT, while the prior reading dropped by 0.7%. The U.S. market is closed on Monday for labour Day Holiday. Tuesday September 06: Australia is going to release important fundamentals on Tuesday which have a heavy impact on the market movements Australia will start the week at 01:30 GMT with the Current Account figures for the second quarter as the deficit is expected to narrow to 7100 million from 10447 million. At 04:30 GMT the Reserve Bank of Australia will announce its rate decision and expectations indicated that the bank will leave borrowing costs unchanged at 4.75% in September. On Tuesday at 14:00 GMT the U.S. economy will release the ISM non-manufacturing index for August where previous reading was 52.7 and it’s expected to retreat to 51.3. Wednesday September 07: At 23:30 GMT (Tuesday) the August’s reading for the AiG performance of construction index is due after the recorded 36.1 the previous month. Moreover, the market is waiting the Australian gross domestic product for the three months ended June at 01:30 GMT, where the economy is expected to have expanded by 1.0% reversing from 1.2% contraction in the first quarter. Thursday September 08: The Australian economy August unemployment rate is due at 01:30 GMT which is expected to hold at 5.1%. The employment change is expected to show 10 thousand added jobs in August after the loss of 0.1 thousand the previous month. The U.S. economy will release the trade balance for July at 12:30 GMT, where it’s expected to show a narrowing deficit of $50.4 billion from the previous deficit of $53.1 billion. At 12:30 GMT, U.S. economy will issue its weekly initial claims numbers, where the number of people filing for first-time claims for the state unemployment insurance eased to 409 thousand last week. The day will end with the Consumer Credit for July at 19:00 GMT which is expected to narrow to $6.000 billion from $15.532 billion. Friday September 09: The U.S. economy will release the Wholesale Inventories for July at 14:00 GMT where it’s expected to come at 0.8% from the previous reading of 0.6%.   

EUR/CHF Technical Analysis for the Week of September 05, 2011

EUR/CHFhad a wild week, finishing toward the 1.12 handle, but not after first visiting the 1.20 area, and then the 1.10 area! The pair is in a massive downtrend, but the truth is a lot of trends end just the way this pair has been acting – very, very messy. Because of this, we are looking for a weekly close below 1.10 to sell, or above 1.20 to buy. Until then, this pair will more than likely be very choppy for the long-term investor.

EUR/CHF Weekly Fundamental Analysis for the Week of September 05, 2011

The EUR/CHF ended the week with strong gains as the haven demand returned to the franc with the worsening euro area outlook. Investors are again worried over the euro area’s stability and deepening debt woes. The debt auctions last week were not that encouraging and the data confirmed the economic weakness with contracting manufacturing and rising unemployment. The Swiss franc on the other end was supported by good fundamentals that so far show the resilience of the economy to the franc’s rally which eased the fear of intervention from the SNB. This week the volatility will remain high with an eye on the debt crisis and the other on the ECB rate decision which will be the highlight for this week. Trichet’s comments last week were taken bearishly as he said the central bank will revise inflation threats and accordingly the focus will be on his comments following the decision as the ECB is still expected to hold rates. Choppy trading will prevail this week with the fear over the slowing global recovery and deepening crisis in Europe which will keep the franc favoured for gains until the threat of intervention is assured once again. Other news from the euro area and the Swiss economy to affect the pair this week: Monday September 05: The week will start with the final revision for the August PMI Services at 08:00 GMT which is expected unrevised at 51.5 as for the Composite PMI it is expected with downside revision after the manufacturing contraction to 50.9 from 51.1. The retail sales for July will follow at 09:00 GMT which are expected flat on the month following 0.9% increase and on the year to drop by 0.8% following 0.4% drop. Tuesday September 06: Switzerland will start the day at 07:15 GMT with the August inflation figures. The CPI might have eased the drop with 0.2% following 0.8% drop and on the year to have slowed to 0.3% from 0.5%. The euro area will report the preliminary GDP estimate for the second quarter at 09:00 GMT which is expected to remain unrevised on the quarter with 0.2% expansion. Household consumption is expected with 0.2% drop following 0.3% rise the previous quarter, while Government Expenditure to slow to 0.1% from 0.8% the previous quarter and Gross Capital Formation also slowing with 0.8% expansion following 2.1% the previous quarter. Wednesday September 07:                                                No data is queued for release from the euro area or Switzerland on Wednesday which leaves the focus on the rate decision the following day. Thursday September 08: Switzerland will start the day early at 05:45 GMT with August unemployment which is expected to hold at 3.0% in seasonally adjusted terms. Eyes will be on the ECB rate decision on Thursday at 11:45 GMT which is expected so far with steady rates at 1.5%. The most important event will be Trichet’s press conference at 12:30 GMT where the recent comments have been dovish for the president and the calls for interest rate cuts are rising which is why investors are focused to see any other hints for monetary loosening which will surely be very bearish on the euro if seen and if the new Governing Council projections negate this sentiment and reiterate the focus on inflation the euro will find some support. Friday September 09: The week will end with a soft note with no data queued from both nations as we expect the end of the week volatility and reaction to Thursday’s decision to dominate the sentiment and trading.

NZD/USD Technical Analysis for the Week of September 05, 2011

The NZD/USD pairrose during the previous week, but struggled to get above the 0.85 for any significant amount of time. The resulting weekly candle is a shooting star, and this pair looks like it is heading lower at the moment. The pair isn’t bearish however, but rather could be a sign that we are about to enter the consolidation area again that is bordered by the 0.85 and 0.80 areas. The pair is decidedly bullish, so instead of selling, we would prefer to see some kind of buy signal a little lower in order to go long of this pair.

NZD/USD Weekly Fundamental Analysis for the Week of September 05, 2011

Kiwi started last week with an upside movement against the dollar, as Asian stock markets recovered spurring the demand for higher yielding currencies yet the end was more volatile with rising woes over the outlook.

The New Zealand economy witnessed some improvement in the second three months after the natural disaster that hit the economy. Further, the European crisis with the sluggish US economy is still affecting the global economy at this time, so the New Zealand economy is one of the countries affected with the pressure on commodities and exports from the nation.

New Zealand domestic spending is recovering especially after monetary policy makers decided to keep the overnight cash rate at its low record, hoping to support economic recovery from natural disaster that hit the nation during the first quarter of the year.

In the week ahead, the NZD/USD pair will move in line with the market sentiment that will be the main reason behind the majors’ movements with the lack of major data from New Zealand and the United States as well leaving the focus on the outlook for the global recovery and the developments in the European debt crisis.

Major highlights for this week that will affect the NZD/USD pair’s trading

Monday September 05:

Both countries won’t release any fundamentals and trading will remain choppy with the absence of U.S. markets for labour Day.

Tuesday September 06:

On Tuesday at 14:00 GMT the U.S. economy will release the ISM non-manufacturing index for August where previous reading was 52.7 and it’s expected to retreat to 51.3.

Wednesday September 07:

No fundamentals are queued for release from both nations.

Thursday September 08:

The New Zealand economy will release the manufacturing activity index for the second quarter at 22:45 GMT (Wednesday) where the index rose 2.9% in the first quarter.

The U.S. economy will release the trade balance for July at 12:30 GMT, where it’s expected to show a narrowing deficit of $50.4 billion from the previous deficit of $53.1 billion.

At 12:30 GMT, U.S. economy will issue its weekly initial claims numbers, where the number of people filing for first-time claims for the state unemployment insurance eased to 409 thousand last week.

The day will end with the Consumer Credit for July at 19:00 GMT which is expected to narrow to $6.000 billion from $15.532 billion.

Friday September 09:

The U.S. economy will release the Wholesale Inventories for July at 14:00 GMT where it’s expected to come at 0.8% from the previous reading of 0.6%.   

USD/JPY Technical Analysis for the Week of September 05, 2011

The USD/JPY paircontinues to be “stuck” in the current area as traders don’t have the conviction to push it much lower, yet lack the bravery to try and buy this pair. The pair is a great place for scalping with these micro-movements, but for a long-term investor, this market is completely impossible to trade. Having said that, we are waiting for a large candle on the weekly chart to even suggest a trade in this pair.

USD/JPY Weekly Fundamental Analysis for the Week of September 05, 2011

The USD/JPY pair fluctuated last week, where the pair still trading near its post-war levels. The weak outlook for the U.S. economy and concerns over the expected intervention of the BOJ in the FX market drove the pair to trade within a tight range. The greenback returned to record gains against its major counterparts, due to fears of the slowing global economy in addition to weakness in the U.S. labour market. Threats of another intervention from the Bank of Japan in the FX markets increased the pair’s volatility, even after the better than expected GDP for Japan which returned some hope to the Japanese economy. The Japanese currency traded at its highest level against the dollar, where the weak economic data from world economies increased demand for the yen as a safe haven, opening the way for expectations for a possible intervention from the BOJ in the FX market. The Japanese Finance Minster unveiled new measures after Moody’s decision, where they created a new $100 billion program to support companies from the surging yen. On Wednesday the BOJ will announce the rate decision and all eyes will be focused on the bank statement as investors are waiting for the next step from the BOJ after two interventions in the FX market this year. Major highlights for this week that will affect the USD/JPY pair’s trading: Monday September 05: Both countries won’t release any fundamentals leaving the movement on the back of the prevailing sentiment with trading thing and volatile with the U.S. markets closed for labour Day Holiday. Tuesday September 06: On Tuesday at 14:00 GMT the U.S. economy will release the ISM non-manufacturing index for August where previous reading was 52.7 and it’s expected to retreat to 51.3. Wednesday September 07: On Wednesday, the Bank of Japan will announce the rate decision with expectations that the bank will leave rates near virtually zero. The Coincident Index for July will published up at 05:00 GMT, where the preliminary reading is expected to come at 108.8 in line with the previous. On the other hand,Japan’s leading index for July is expected to come at 105.9 from the previous reading of 103.2. Thursday September 08: On Thursday at 23:50 GMT (Wednesday), Japan will start with the current account total for July, where the expectations refer to a surplus of 1175.8 billion yen from the previous surplus of 526.9 billion yen. The adjusted current account total for July had a prior surplus of 922.8 billion yen and expected to expand to 990.8 billion dollar. The Japanese trade balance for July is expected with a surplus of 149.1 billion yen from 131.5 billion yen. Japanese machine orders for July will be released at 23:50 GMT; the previous reading was up by 7.7% while it’s expected to drop by 4.2%. On the other hand, the annual machine orders are expected to rise by 8.3% from the previous 17.9%. At 05:00 GMT,Japan will release Eco Watchers Survey: Current for August, which had a previous reading of 52.6. The Eco Watchers Survey: Outlook will be up at the same time with a prior reading of 48.5. The U.S. economy will release the trade balance for July at 12:30 GMT, where it’s expected to show a narrowing deficit of $50.4 billion from the previous deficit of $53.1 billion. At 12:30 GMT, U.S. economy will issue its weekly initial claims numbers, where the number of people filing for first-time claims for the state unemployment insurance eased to 409 thousand last week. The day will end with the Consumer Credit for July at 19:00 GMT which is expected to narrow to $6.000 billion from $15.532 billion. Friday September 09: On Friday at 23:50 GMT (Thursday), Japan will release the final gross domestic product for the second quarter, where the contraction is expected to be revised deeper to 2.0% on the year from 1.3% and on the quarter to 0.5% contraction from 0.3% contraction previously reported. Japanwill issue the consumer confidence for August at 05:00 GMT, where the previous reading was 37.0. The U.S. economy will release the Wholesale Inventories for July at 14:00 GMT where it’s expected to come at 0.8% from the previous reading of 0.6%.   

GBP/USD Technical Analysis for the Week of September 05, 2011

The GBP/USD pairfell this last week, as traders sold the pair off again. The 1.65 area has been very resistive, and this past week proved to be more of the same. Because of this 500 pip range we find ourselves in, this pair isn’t much of a long-term trade at all. A weekly candle closing above 1.65 would be bullish in our eyes. A weekly candle closing below 1.60 would be very bearish in our eyes. Until we see something in the order of those two scenarios, we don’t see much in the way of a long-term trade in this pair.

GBP/USD Weekly Fundamental Analysis for the Week of September 05, 2011

The GBP/USD moved to the downside for the second week in the week ended August 5 as the downbeat sentiment eroded demand on high-yielding currencies and encouraged haven demand on the dollar. Dull manufacturing data from China,Switzerland, euro area,U.K., andU.S.worsened outlook for global major economies as it suggested that the sluggish growth pace would continue in the third quarter or even beyond that. Also, at the end of the week, tensions intensified as the awaited and infamous U.S. jobs report showed that the economy did not add any jobs in August from the revised 85 thousands which was 117 thousands initially, while unemployment steadied at 9.1%. With the continuation of tensions due to the release of downbeat reports from major global economies, the pair is expected to move further to the downside. This week, the main highlight will be on services data from both economies as it will give a full picture about the major sectors, after the release of downbeat manufacturing figures last week, where investors will wait for the BoE rate decision to see the bank’s action after the deterioration seen in the latest released data. The release of the data this week will be as follows: Monday September 5: As of 08:30 GMT, theU.K.economy will release PMI services for August, while, on the other hand, theU.S.economy lacks fundamentals. Tuesday September 6: Amid the absence o data from theU.K., eyes will be on the ISM non-manufacturing report to follow the status of the services sector, especially after the drop in manufacturing seen in last week’s report. The data released at 14:00 GMT is expected to show an ease in expansion to 51.3 in August from 52.7 in July. Wednesday September 7: At 08:30 GMT, manufacturing and industrial production reports will be available. TheU.S., on the flip side, will release MBA mortgage applications for September 2 at 11:00 GMT followed by Fed’s Beige Book at 18:00 GMT. Thursday September 8: The awaited BoE rate decision will be announced at 11:00 GMT; however, forecasts refer to no change in the bank’s monetary policy as policy makers are expected to keep both interest rate and APF quantity unchanged at 0.50% and 200 billion pounds. For theU.S., at 12:30 GMT, the U.S economy will release trade balance which is expected to show a narrowed deficit of $49.8 billion in July from $53.1 billion deficit a month earlier. At the same time, initial jobless claims for the week ended September 2 and continuing claims for the week ended August 27 will be available. Friday September 9: The week ends with the release PPI figures for August, which may affect the pair’s movements as it gives some evidence about inflation before the release of CPI gauge. In theU.S., of a report of low relevance which is Wholesale inventories will be out at 14:00 GMT.

USD/CAD Technical Analysis for the Week of September 05, 2011

The USD/CAD pairformed a hammer on the weekly chart, showing massive support in the sub-0.98 area. However, the massive shooting star leading to the parity level also bodes for confusing trading in the near term. The pair could see consolidation between the 0.98 and parity levels. The economies are intertwined so much that choppy and indecisive trading isn’t exactly out of the ordinary for this pair. We look for a close above parity on the weekly to go long for the longer-term, and a close below the 0.98 level in order to short this pair.

USD/CAD Weekly Fundamental Analysis for the Week of September 05, 2011

The USD/CAD pair declined back last week, after GDP figures from Canada showed mixed results on Wednesday, where the Canadian economy contracted during the second quarter worse than expectations, while growth in June topped estimates, however, the pair erased some of its losses after the U.S. reported slower than expected jobs growth back in August, as investors were concerned over the outlook for global growth amid signs economic growth is slowing down in the United States. Rising pessimism in global financial markets should put the CAD under more pressure over the coming period, where investors fear the U.S. economy is heading into a double dip recession, and since the United States is Canada’s largest trading partner, we should expect the Canadian economy to suffer deeply, and that should provide the USD/CAD pair with bullish momentum, unless of course the Fed announce a third round of quantitative easing, since it will put the USD under huge pressure. Moreover, a looming liquidity crisis in Europe could also weigh down on confidence levels, and that should also provide the USD/CAD pair with more upside momentum. Highlights for this week that will probably affect the USD/CAD pair’s direction are: Monday September 05: U.S. markets will be absent on Monday celebrating labour Day, while the Canadian economy will be absent due to “Banks Holiday”, so no data is queued for release from both the United States and Canada on Monday. Tuesday September 06: The U.S. market will rejoin the market with the release of the ISM Services for August at 14:00 GMT and expected to slow to 51.0 from 52.7. Wednesday September 07: The Bank of Canada will release the Interests Rate Decision, where it’s expected to leave the rate unchanged at 1.00%. Canada will also release the IVEY Purchasing Managers Index for the month of August at 14:00 GMT, where the index is expected to rise to 55.0, compared with the previous reading of 486.8 in July. At 18:00 GMT the United States will release its Fed’s Being Book. Thursday September 08: No major data will be released from the US economy. Canada will release the building permits report for the month of July at 12:30 GMT, where permits are expected to fall by 2.6%, compared with 2.1% rise in June. Friday September 09: The United States will end with wholesale inventories for July at 14:00 GMT which is expected to tick higher to 0.8% from 0.6%. The focus on Friday will surely be on the infamous jobs report from Canada at 11:00 GMT, where the net change in employment is expected at 25.0 thousand in August, following 7.1 thousand added jobs in July. Unemployment is expected to rise from 7.2 to 7.3%.

USD/CHF Technical Analysis for the Week of September 05, 2011

The USD/CHF pair had a bearish week as the weekly downtrend line has held and pushed prices back down. However, the Friday action was a hammer, and this pair is looking like it is trying to find some kind of base in this area. The pair does have the Swiss National Bank fighting the fall of it, and as such will trade in a choppy manner for the short-term. The long-term is bearish, but with the recent action – we are content to avoid trading this pair.

USD/CHF Weekly Fundamental Analysis for the Week of September 05, 2011

The USD/CHF showed decline in the week ended September 2 after three weeks of incline as the tensions in markets sparked demand on the Swiss franc as the most favourable safe haven amid the lack of further monetary intervention from the SNB to curb the franc’s advance and the progress in the Swiss economy relative to other major economies. Lackluster manufacturing data from China, Switzerland, euro area, U.K., and U.S. worsened outlook for global major economies as it suggested that the sluggish growth pace would continue in the third quarter or even beyond that, thereby enhancing demand on refuges led by the franc. Investors resorted back to the franc as the SNB refrained from introducing further monetary interventions to halt the franc’s runaway, while data from the Swiss economy was relatively better than other major economies. At the end of the week, tensions intensified as the awaited and infamousU.S.jobs report showed that the economy did not add any jobs in August from the revised 85 thousands which was 117 thousands, while unemployment steadied at 9.1%. If the Swiss bank halted its monetary intervention and tensions increased with the release of downbeat reports, the pair is expected to move further to the downside. For this week, the release of the data will be as follows: Monday September 5: Both economies lack economic fundamentals which propose that there would be calm trading on the pair which is predicted to follow the general trend in market as it will not able to get direction from data. Tuesday September 6: As of 07:15 GMT, the Swiss economy will release CPI for August where the reading is predicted to record -0.3% from the prior -0.8% on the month while slide to 0.2% from the previous 0.5% on the annual basis. In theU.S., eyes will be the ISM non-manufacturing report to follow the status of the services sector, especially after the drop in manufacturing seen in last week’s report. The data released at 14:00 GMT is expected to show an ease in expansion to 51.3 in August from 52.7 in July. Wednesday September 7: While the Swiss economy lacks fundamentals, theUSwill release MBA mortgage applications for September 2 at 11:00 GMT followed by Fed’s Beige Book at 18:00 GMT. Thursday September 8: As of 05:15 GMT, the Swiss economy will release unemployment for August with expectations referring to steadiness in the seasonally adjusted reading at 3.0%. At 12:30 GMT, the U.S economy will release trade balance which is expected to show a narrowed deficit of $49.8 billion in July from $53.1 billion deficit a month earlier. At the same time, initial jobless claims for the week ended September 2 and continuing claims for the week ended August 27 will be available. Friday September 9: The week ends with the release of a report of low relevance which is Wholesale inventories at 14:00 GMT, while the Swiss economy has not releases.

 

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