US Dollar Pressured Further After Weak PMI Data, While High-Beta Currencies Extend Yesterday’s Gains
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US dollar, benefits, forex, trading, trade

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MARKET RECAP
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1️⃣ Asian stock markets traded higher, continuing gains yesterday following positive vaccine news.

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FOREX RECAP
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1️⃣ USD declined further after weak PMI data. Preliminary readings showed the IHS Markit Manufacturing PMI in the United States declined to 61.2, while the IHS Markit Services PMI in the United States declined to 55.2 in August.

2️⃣ AUD/NZD/CAD: High-beta currencies continue to strengthen after positive vaccine news. The FDA gave full approval to the Pfizer/BioNTech vaccine.

3️⃣ EUR/GBP: Both currencies pressured by weaker economic data. Both Manufacturing and Services PMIs in the Eurozone and UK declined due to the rise of COVID-19 in the region.

4️⃣ Positive risk sentiment sent safe-haven currencies lower.

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COMMODITIES RECAP
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1️⃣ Crude oil prices recovered on Tuesday, with WTI crude trading around $ 66 a barrel, amid a weak U.S. dollar and hopes of a vaccine launch in the U.S. after the FDA gave full approval to the Pfizer/BioNTech vaccine.

2️⃣ Gold price hit the $ 1,800 level, following concerns the spread of the COVID-19 variant Delta raised expectations that the Fed will delay its intention to reduce asset purchases.

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Economic Data Focus On Today
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1️⃣ New Zealand Retail Sales for Q2 (06:45 Malaysia Time) — Bullish Prediction — Reopenings economy in Q2 should boost the sales.

2️⃣ German Final GDP for Q2 (14:00 Malaysia Time) — No Prediction — No prediction on revisions data.

3️⃣ US New Home Sales for July (22:00 Malaysia Time) — No Prediction — No prediction on the data.