Here are the Top Market Analysis for the 31st of August, 2023.

Forex (FX)

• EURUSD The EURUSD is trading slightly lower at 1.1020. The market is awaiting the release of the US Non-Farm Payrolls report on Friday. A strong report could push the EURUSD lower, while a weak report could support the currency.
• GBPUSD The GBPUSD is trading slightly higher at 1.2800. The market is also awaiting the release of the US Non-Farm Payrolls report. A strong report could push the GBPUSD lower, while a weak report could support the currency.
• USDJPY The USDJPY is trading slightly higher at 137.00. The market is digesting the Bank of Japan’s (BoJ) decision to keep its policy unchanged. The BoJ said that it will continue to purchase Japanese government bonds (JGBs) at an unlimited amount. This is seen as a dovish signal and could support the USDJPY in the near term.
• AUDUSD The AUDUSD is trading lower at 0.6800. The market is reacting to weaker-than-expected Australian employment data. The Australian Bureau of Statistics (ABS) said that the unemployment rate remained unchanged at 3.9%, but the number of jobs added was lower than expected. This is seen as a negative for the Australian economy and could weigh on the AUDUSD in the near term.
• NZDUSD The NZDUSD is trading higher at 0.6200. The market is reacting to the Reserve Bank of New Zealand’s (RBNZ) decision to raise interest rates by 50 basis points. The RBNZ said that it is concerned about inflation and is committed to bringing it back to its target range of 1-3%. This is seen as a hawkish signal and could support the NZDUSD in the near term.
• USDCAD The USDCAD is trading lower at 1.2500. The market is digesting the Bank of Canada’s (BoC) decision to raise interest rates by 25 basis points. The BoC said that it is still assessing the economic outlook and will continue to take a data-dependent approach to monetary policy. This is seen as a neutral signal and could keep the USDCAD range-bound in the near term.
• EURCHF The EURCHF is trading higher at 1.0000. The market is digesting the Swiss National Bank’s (SNB) decision to keep its policy unchanged. The SNB said that it is committed to maintaining the franc’s exchange rate floor of 1.0000 per euro. This is seen as a dovish signal and could support the EURCHF in the near term.

Metals

• Gold: Gold is trading higher, breaking above the resistance level of $1,800. This could be a sign of a bullish trend in the near term. The next resistance level to watch is $1,820.
• Silver: Silver is also trading higher, but the gains are more limited. The metal is still trading below the resistance level of $22.00. If silver can break above this level, it could signal a stronger trend in the coming days.
• Platinum: Platinum is trading lower, breaking below the support level of $950. This could be a sign of a bearish trend in the near term. The next support level to watch is $925.
• Palladium: Palladium is also trading lower, breaking below the support level of $1,900. This could be a sign of a bearish trend in the near term. The next support level to watch is $1,850.
• Copper: Copper is trading sideways, consolidating between the support level of $3.30 and the resistance level of $3.40. The metal is likely to remain range-bound in the near term.

Commodities

• Oil Oil prices are trading slightly higher at $81.75 per barrel. The market is awaiting the release of the US weekly crude oil inventory report on Wednesday. A larger-than-expected drawdown could boost oil prices.
• Natural gas Natural gas prices are also trading higher at $5.80 per million BTUs. The market is also awaiting the release of the US storage report on Thursday. A larger-than-expected drawdown could boost natural gas prices.
• Coal Coal prices are trading slightly higher at $230 per ton. The market is supported by strong demand from power generators.
• Corn Corn prices are trading lower at $6.50 per bushel. The market is weighed by concerns about slowing demand from China.
• Wheat Wheat prices are trading higher at $8.25 per bushel. The market is supported by concerns about crop damage from the drought in the US Midwest.
• Soybeans Soybean prices are trading higher at $13.50 per bushel. The market is supported by strong demand from China.
• Coffee: Coffee is trading sideways, consolidating between the support level of $2.00 and the resistance level of $2.20. The overall trend is still bullish, but the market is waiting for a breakout in either direction.
• Gold, Silver, Copper: Please check Metals category

Indices

• S&P 500 The S&P 500 is trading slightly higher at 3,900. The market is awaiting the release of the US Non-Farm Payrolls report on Friday. A strong report could push the S&P 500 higher, while a weak report could weigh on the index.
• NASDAQ Composite The NASDAQ Composite is also trading slightly higher at 12,200. The index is up more than 10% for the year, but it has also been volatile in recent weeks.
• Dow Jones Industrial Average The Dow Jones Industrial Average is trading lower at 31,500. The index is still up for the year, but it has also been volatile in recent weeks.
• FTSE 100 The FTSE 100 is trading slightly higher at 7,200. The index is up more than 3% for the year, but it has also been volatile in recent weeks.
• DAX The DAX is also trading slightly higher at 13,500. The index is up more than 4% for the year, but it has also been volatile in recent weeks.
• Nikkei 225 The Nikkei 225 is trading lower at 28,000. The index is still up for the year, but it has also been volatile in recent weeks.
• Euro Stoxx 50 (Eurozone): The Euro Stoxx 50 closed up 0.17% at 3,587.28. The index was led by gains in banking and insurance stocks.

Cryptocurrencies

• Bitcoin (BTC): BTC is trading at $26,075, up 0.7% in the last 24 hours. The cryptocurrency is still trading below the $28,000 level, but it is showing signs of support.
• Ethereum (ETH): ETH is trading at $1,750, up 1.2% in the last 24 hours. The cryptocurrency is also trading below the $2,000 level, but it is holding above the $1,700 level.
• Binance Coin (BNB): BNB is trading at $368, up 1.8% in the last 24 hours. The cryptocurrency is consolidating after a recent rally.
• Solana (SOL): SOL is trading at $44.50, up 2.5% in the last 24 hours. The cryptocurrency is also consolidating after a recent rally.
• Cardano (ADA): ADA is trading at $0.54, up 1.3% in the last 24 hours. The cryptocurrency is still trading below the $0.60 level, but it is showing signs of support.
• Tether (USDT): USDT is trading at $1.00, up 0.00% in the last 24 hours. The stablecoin is pegged to the US dollar and is used to facilitate trading between other cryptocurrencies. USD Coin (USDC): USDC is trading at $1.00, up 0.00% in the last 24 hours. USDC is another stablecoin that is pegged to the US dollar.

Current Factors Affecting the Makets and Events to Watch Out For

• US economic data, such as the Manufacturing PMI and Non-Farm Payrolls reports
• Geopolitical developments, such as the Russia-Ukraine war
• Central bank monetary policy decisions
• Regulatory developments, such as the SEC’s decision on a Bitcoin ETF
• The weather
• Changes in investor sentiment
• The ongoing war in Ukraine.
• The adoption of cryptocurrencies by businesses and individuals is growing, but it is still in its early stages.