Forex Newsletter: Mixed Start with JPY & CHF Gaining

London: 11 September 2024 (TraderMade): Welcome to today's FX Newsletter! The global financial markets indicate a mixed start this morning. Yen and Swiss francs led the pack in Forex; Global indices were mostly pessimistic; Crude Oil slightly dipped, yet Natural Gas soared; Gold and Silver recorded considerable gains. Let's take you through the sector-wise updates:

Key Takeaways

• Forex: JPY (Surged 1.12%) & CHF (Soared 0.53%) gained while USD & NZD declined.
• Asia-Pacific Down: Nikkei (JPN225) dipped 1.96%, and Hang Seng (HKG33) slipped 0.76%.
• European Indices Flat: FTSE (UK100), CAC (FRA40), and DAX (GER30) were almost unchanged at writing time.
• US Markets Dipped: S&P 500 (SPX500) slipped 0.47%, Nasdaq (NAS100) was down 0.6%, and Dow Jones (USA30) also declined 0.46%.
• Energy Markets Mixed: Brent Crude (UKOIL) narrowly slipped, WTI Crude (OIL) dipped 0.07%, yet Natural Gas (NATGAS) soared 0.41%.
• Precious Metals Surged: Gold (XAUUSD) gained 0.13%, and Silver (XAGUSD) also soared 0.45% today.

G10 Forex

JPY & CHF are Top Gainers

In the G10 FX Market, Japanese Yen (JPY: Gained 1.12%) and Swiss francs (CHF: Soared 0.53%) are the top gainers today versus the dollar (USD).

USD & NZD are Top Laggers

The US Dollar (USD) and New Zealand Dollar (NZD) are the top losers as they declined against the other major currencies.

Forex Daily Pivot Points

Global Indices Mostly Down

Asian Markets Dipped

In Asian equities, markets were trading weaker today. The Nikkei (JPN225) was trading at 35283.0, down 1.96%. The Hang Seng (HKG33) was trading at 16954.0, down 0.76%.

Weakening manufacturing activities across China & US and recession fear due to recent US data may be behind the dip in today's Asian markets.

European Indices Flat

• The UK's FTSE 100 (UK100) traded flat at 8227.3.
• France's CAC 40 (FRA40) traded flat at 7420.8.
• Germany's DAX 30 (GER30) traded flat at 18335.5.

US Equities Futures Slipped

Looking at Equity Futures so far, the SP500 Futures was trading at 5466.6499, down 0.48%.

Popular US Indices Declined

• Standard & Poor's 500 (SPX500) declined 0.47% to 5468.55.
• Nasdaq (NAS100) dipped about 0.6% to 18701.15.
• Dow Jones Industrial Average (USA30) also slipped 0.46% to 40574.

Lower-than-expected performance by tech stocks and upcoming consumer inflation data may be the reasons for a decline in the US markets today.

Energy Markets

Crude Oil Futures Down

In the Energy space, Oil futures were trading weak today. The WTI Crude Futures was trading at 65.67, down 0.06%. The Brent Crude Futures was trading at 69.44, down 0.12%.

Spot Prices Mixed

• Brent Crude (UKOIL) slightly dipped to $69.515 a barrel.
• WTI Crude (OIL) slipped 0.07% to $65.755 a barrel.
• Natural Gas (NATGAS) surged 0.41% to $2.4445/MMBtu.

OPEC's reduced outlook of global oil demand for the current and next year might have impacted crude oil prices today.

Precious Metals Gained Shine

• Gold (XAUUSD) soared 0.13% to 2520.054.
• Silver (XAGUSD) also surged 0.45% to 28.531.

The weakening US Dollar might have caused a drop in precious metals prices today.

To Summarize

Today’s forex trading newsletter covers the status of various financial instruments across forex, stock indices, and commodities at the morning bell. The global financial markets indicate a mixed start. It's crucial to stay with us for the latest updates in the financial markets as the trading day unfolds.

_{Live Rates at about 05:41 AM GMT are compared to the Last Close Values to calculate the Percentage Differences. Image Courtesy: Jakub Żerdzicki on Unsplash}