Morning market update 06 09 2021:
The AUDUSD & NZDUSD longs taken on Friday afternoon have been closed out which were kept open on my aggressive account in case of gap ups. The DXY has moved higher off the 92.00 support zone after the NFP missed expectations although a longer term down trend is hard to call given the fact that ISM Non-Manufacturing PMI’s for August came in at 61.7 indicating that there is job creation slow downs but this NFP result given the dramatic change in trend recently seen in data is a point of concern. Until more data comes out to present a significant slow down this could be treated as an outlier possibly linked to the delta variant of Covid 19 and the need for booster shots continues to be explored. Make sure to hop onto today’s currency call for Gim Hong’s recap on the NFP result and a preview of the upcoming RBA rates decision taking place tomorrow afternoon.
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