Trade ideas thread – European session 3 August 2023

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And so the dollar marches on, brushing aside the news that Fitch has downgraded the US credit rating yesterday. A more dour risk mood certainly helped, alongside higher yields after the hot ADP employment data.

This is seeing USD/JPY keep up the march towards 145.00 and AUD/USD is breaking down towards key support at 0.6500 next. Besides that, EUR/USD is also running close to testing its 100-day moving average of 1.0915 again and GBP/USD could be on its way to retest the end-June lows near 1.2590-00 with the BOE in focus.

There is also a decent retreat in gold prices again, which may be angling towards key support at $1,900 before buyers step back into the picture. Overall, there is plenty to play for as the bigger picture focus in markets continue to reside on this question here. The Fed outlook is also a key consideration this week with the US jobs report coming up tomorrow.

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