In the ever-fluctuating world of trading and investing, it’s vital to keep up-to-date with the latest market trends and data in order to make knowledgeable decisions. This article delves into the market statistics of the preceding week, exploring their significance for traders and investors.
It encompasses a range of key factors, including notable earnings, trading statistics, and instruments, while also examining how the global market update influenced major currency pairs.
Top 5 Payouts:
During the previous week, noteworthy payouts were observed, reaching;
- $35,986 – 280K Account Size (Scaled Up) – 12.85%
- $31,334 – 220K Account Size (Scaled Up) – 14.24%
- $29,156 – 220K Account Size (Scaled Up) – 13.25%
- $25,694 – 200K Account Size – 12.85%
- $19,553 – 100K Account Size – 19.55%
The noteworthy payout amounts exemplify the market’s volatile nature and the presence of numerous profitable opportunities for traders. These substantial payouts provide evidence that traders achieved success by taking advantage of these opportunities through wise investment decisions.
Weekly Trading Stats:
Traders received a payout of $1,651,736 last week, which was divided among 1,473 individuals. This demonstrates a notable level of trader engagement in the market, with those who made astute investment choices earning substantial profits.
Throughout this period, a total of 963,893 trades were conducted, involving a combined sum of 608,789 lots. These figures underscore the significant trading activity, indicating a market environment characterized by volatility and dynamic fluctuations.
Weekly Trading Instruments:
The week witnessed significant trading activity in notable pairs including XAUUSD, EURUSD, US30, GBPUSD, and NDX100. These pairs are popular among traders and investors due to their volatility, which adds to their appeal for investment. The substantial trading volume associated with these pairs indicates high demand throughout the week, presenting traders with potential profit opportunities.
Among all currency pairs, AUDCHF, EURCAD, and NZDUSD demonstrated favorable performance, boasting winning percentages of 60.36%, 55.24%, and 55.19% respectively. This suggests that traders who engaged in these pairs potentially achieved noteworthy profits.
Conversely, the CADJPY, EURUSD, and USDCHF currency pairs did not perform well, reflecting losing percentages of 54.35%, 50.21%, and 47.8% respectively. This implies that traders who invested in these pairs might have encountered losses.
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Global Market Update:
- Recent data reveals that Nonfarm Payrolls increased by 187K in August, exceeding market forecasts. Despite this being the third month of sub-200k employment growth, the Unemployment rate saw a surprising jump to 3.8%.
Analysts from TD Securities believe that the current economic indicators, which suggest a slowing momentum, will be viewed positively by Federal Reserve officials. They predict that July might mark the end of the Fed’s rate-tightening cycle, even as data remains unpredictable in the coming months.
- Gold price (XAU/USD) is currently stable as it anticipates the release of the US Nonfarm Payrolls (NFP) and ISM Manufacturing PMI data for August. These data points will influence the Federal Reserve’s interest-rate decision on September 20.
Fed Chair Jerome Powell indicated that future policy actions would be data-driven and highlighted the increased sensitivity of inflation to the job market. With the US PCE price index remaining consistent in July and mixed signals from the labor market, gold continues to trade in a narrow range, with investors keenly awaiting key economic data for direction.
- The Euro (EUR) has shown a slight recovery against the US Dollar (USD), bouncing back from 1.0830 to approaching the 1.0850 mark. This movement aligns with the current dip in the USD Index (DXY) which hovers around 103.50.
Investors are recalibrating their expectations regarding the Federal Reserve’s next moves, with the upcoming Nonfarm Payrolls data for August expected to provide more clarity. Meanwhile, in Europe, final Manufacturing PMIs for Germany and the euro area were reported at 39.1 and 43.5, respectively, for August, amidst growing concerns about a potential stagflation scenario in the region.
EUR/USD:
- The Euro recovered from a low of 1.0830 against the US Dollar, pushing back to the 1.0850 level.
- The USD Index (DXY) hovers around 103.50, with US and German yields showing no clear trend.
- Investors anticipate a potential pause in the Federal Reserve’s tightening, with eyes on upcoming US Nonfarm Payrolls data.
- Final Manufacturing PMI for August in Germany and the euro area register at 39.1 and 43.5, respectively.
GBP/USD:
- Mixed US Nonfarm Payrolls data shows 187,000 jobs added in August, beating estimates, but Unemployment rate rises to 3.8% YoY.
- GBP/USD initially surges but reverses course after ISM Manufacturing PMI exceeds expectations, indicating improved US business activity.
- UK business activity remains in contraction, with inflation nearing 7%, posing challenges for the Bank of England’s upcoming decisions.
- The Office for National Statistics revised the UK’s economic growth to 0.6% in Q4 2021 compared to Q4 2019.
USD/CAD:
- Bullish-engulfing candlestick pattern on the daily chart indicates a strong buying momentum for USD/CAD.
- Key resistance levels to watch are 1.3600, 1.3640, 1.3654, 1.3667, and 1.3804.
- Potential downside targets include 1.3489, followed by the 200-DMA at 1.3462 and the 50-DMA at 1.3345.
- Weaker Canadian economic growth and mixed US data contribute to the CAD’s decline against the USD.
AUD/USD:
- AUD/USD drops below the 20-day SMA, heading towards 0.6450.
- Mixed US Nonfarm Payrolls and strong ISM PMI influenced the USD’s strength.
- US Treasury yields initially dipped but recovered after the ISM PMI release.
- Technical indicators suggest a bearish sentiment for AUD/USD with key support and resistance levels identified.
NZD/USD:
- NZD/USD shows limited movement, fluctuating near the 0.5965-0.5970 range.
- The Kiwi finds support from a positive risk environment and robust Chinese PMI data.
- The US Dollar’s strength is tempered by uncertainties surrounding the Fed’s upcoming rate decisions.
- Market participants are eyeing the upcoming US NFP report for potential directional cues.
Commodities:
Gold:
- Gold Price (XAU/USD) remains steady above key support, anticipating consecutive weekly gains.
- Mixed US economic data creates uncertainty about the Federal Reserve’s next steps, making the upcoming US NFP report crucial for direction.
- Chinese economic measures, including the PBoC’s foreign exchange reserve ratio cut, provide a safety net for Gold due to China’s significant gold consumption.
- Technical indicators suggest Gold has strong support at $1,932, with potential upside barriers near $1,945 and $1,955.
Silver:
- XAG/USD experienced a peak at $24.80 but later stabilized around the $24.15 mark.
- US data releases showed mixed signals: NFPs and ISM Manufacturing PMI surpassed expectations, but wage growth slowed, and unemployment increased.
- The strength of the USD, influenced by the data, pushed silver prices downward.
- Despite daily losses, XAG/USD managed to retain some weekly gains. Key levels to monitor include support at $24.00, $23.90, and $23.50, and resistance at $24.30, $24.80, and $25.00.
Oil:
- WTI crude oil prices maintain a positive streak, trading around $83.20, buoyed by expectations of continued production cuts by Saudi Arabia and OPEC+ until the end of 2023.
- Russia confirms agreement with OPEC+ on oil production cuts, with details to be unveiled next week. Expected cuts include 500,000 barrels per day in August and 300,000 barrels per day in September.
- A significant draw in US crude oil inventories, as reported by both the EIA and API, further supports the rise in WTI prices.
- Economic data releases, including China’s Caixin Manufacturing PMI and the US’s NFP and Unemployment Rate, are anticipated to influence WTI’s price direction. Concerns about China’s economic slowdown, being the world’s largest oil importer, could cap WTI’s gains.
Watch out for Next Week’s Important Dates
- On 6th September, the United States S&P Global Manufacturing PMI report will come out. A higher-than-anticipated figure should be viewed as positive (bullish) for the USD, while a lower-than-anticipated figure should be viewed as unfavorable (bearish).
- On 7th September, the United States Initial Jobless Claims report will have a significant impact on US bond and stock markets. A higher-than-expected figure should be seen as negative (bearish) for the USD, while a lower-than-expected figure should be seen as positive (Bullish) for the USD
