Weekly Economic Highlights and Market Analysis: This week brings critical economic events expected to impact global market movements,
especially significant currencies and commodities.
As the release of crucial financial data from the United States and the Eurozone approaches,
investors eagerly await these announcements to guide their investment decisions.
In this article, we review the critical news expected to be traded during the week and analyze the performance of the significant financial assets.

Content

Oil

EURUSD

GBPUSD
EURCAD

Weekly Economic Highlights

Tuesday, September 3, 2024

Manufacturing PMI (August)-USD

Wednesday, September 4, 2024

JOLTs Job Openings (July)-USD

Thursday, September 5, 2024

ADP Non-Farm Employment Change (August)-USD
Services PMI (August)-USD

Friday, September 6, 2024

GDP (YoY) (Q2)-EUR

Average Hourly Earnings (MoM) (August)–USD

Non-Farm Employment Report (August)-USD

Unemployment Rate (August)-USD

Gold

Gold closed around the 2502 level last week after trading within a sideways range between 2404 and 2530,
awaiting the anticipated rate cut by the U.S. Federal Reserve in September.

Gold is expected to resume its upward trend if it remains above the psychological support level of 2500.
However, if this level is broken and the price closes below it, further declines could extend towards the 2460 level.

Oil

Oil prices saw a sharp decline towards the end of last week due to expectations that China’s growth in 2024 might fall short of expectations.
This would weaken China’s demand for oil, which is currently grappling with a severe economic crisis.
Additionally, demand from the U.S. has also weakened following the latest inventory report.
Oil is trading around 73.59, and it is expected to continue its decline towards the support level of around 71.40.
A break below this level could lead to further declines towards 68.

EURUSD

The EURUSD pair saw some downward correction towards the end of last week after the U.S. dollar strengthened on positive news.
However, the dollar remains under significant pressure as it awaits U.S. employment data this week.
Technically, the pair is trading around 1.1045 near a critical support level,
which may push it higher towards 1.1138.
Conversely, if the 1.1029 level is breached and the price closes below it,
the downtrend could extend toward the demand zone around 1.0950.

GBPUSD

The GBPUSD trades around 1.3122 after a false breakout above 1.3145, followed by a pullback below this level.
This movement supports the continuation of the pair’s decline from current levels.
It targets the ascending trendline on the four-hour chart around 1.2900,
where it may find support and resume its upward trajectory.

EURCAD

The EURCAD pair is trading around 1.4907 after a substantial decline
due to the euro’s weakness following a drop in inflation figures in the Eurozone,
which has increased the likelihood of an interest rate cut by the European Central Bank soon.
The pair is trading near a significant support level of around 1.4895,
and if bearish momentum weakens at the start of the week, the pair may rebound toward 1.5107.
However, a break below 1.4894 could lead to further declines towards 1.4727.

This Week’s Economic Highlights and Market Analysis

Weekly Economic Highlights and Market Analysis

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