Daily market news

USD/CAD extends its losses for the second consecutive day. trading around 1.3820 during the Asian hours on Thursday. The technical analysis of the daily chart indicates the pair is positioned within the descending channel pattern, signalling a bearish bias.

The GBP/USD pair trades in positive territory around 1.3490 during the early European trading hours on Thursday, bolstered by a weaker US Dollar (USD). Traders await the Bank of England (BoE) Governor Andrew Bailey’s speech and US August jobs data later on Friday for fresh impetus. 

The Euro (EUR) trades slightly higher against the US Dollar (USD) at around 1.1600 during the early European trading session on Thursday.

EUR/JPY extends its losses for the second successive day, trading around 183.00 during the Asian hours on Thursday. Technical analysis of the daily chart indicates the currency cross remains within a symmetrical triangle, signalling a consolidation phase.

Silver price (XAG/USD) extends its Wednesday recovery move on Thursday, trading 0.67% higher at around $65.70 during the European trading session. The white metal strengthens as the US Dollar (USD) declines further due to moderate job demand in the United States (US) private sector.

The US Dollar (USD) has traded in quite a volatile fashion on Wednesday, always amid the unabated tensions from the US-Iran crisis, speculation over another bout of FX intervention by Japanese authorities and bets for whatever the Fed might do or not do in the next few months.

Gold (XAU/USD) maintains its bearish trend on Wednesday, as higher geopolitical tensions and growing bets of a Federal Reserve (Fed) rate hike in September boost speculative support to the US Dollar.

USD/CAD extends its gains for the second consecutive day. trading around 1.3940 during the European hours on Wednesday. The technical analysis of the daily chart indicates the pair is positioned above the descending channel top, signalling a bullish reversal.

West Texas Intermediate (WTI) oil price edges lower after two days of gains, trading around $88.70 during the European hours on Wednesday.

Here is what you need to know on Wednesday, September 2: