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We have seen a week full of economic events and developments regarding the COVID-19, but this week may not be any less important than last week, as we wait for many economic data that will prove the trends of the major economies amid global health crisis threatening the global economy.
The US dollar rose today to its highest level in seven weeks as the dollar index reached 93.81 in the light of the continued positive data from the US economy and remains waiting for employment data tomorrow which affected by the recent hurricanes. Today's data showed that the trade deficit shrank for August as exports rose to a two-and-a-half year high.
During the Asian session today, there were few key economic figures from Australia, which had a notable impact on the markets, especially AUD pairs.
Despite the fact that some of the data were positive, AUD managed to decline across the board, as the long-term data slowed down significantly.
The ADP Non-Farm Employment Change data came in with a little surprise in September, adding 135K new jobs, while the estimates were to add around 125K.
Until the end of last week, Crude Oil prices had its best four trading weeks since the beginning of this year.
Brent Crude Spiked for four weeks in a row, reaching as high as $59.50, while WTI Crude also posted four weeks on consecutive gains reaching as high as $53.
Yet, both crudes declines sharply since the beginning of this week. Is this a technical retracement? Or a new trend?
The beginning of the first week of the last quarter of 2017 was very inflammatory. Catalonia held a referendum on secession from Spain and the approval rate reached 90%, but the Spanish government rejected that referendum and considered it illegal. The European Commission supported that view, calling on all parties to sit at the dialogue table.
The US Dollar Index began the week sharply higher across the board, despite the notable slowing down in Core PCE Price Index on Friday.
The Core PCE Price Index YoY unexpectedly declined back to 1.3% in August down from 1.4% in July, despite the fact that the estimates were to remain stable at 1.4%. This is the lowest level since November 2015.
The US dollar succeeded in stabilizing higher than an important support at the end of the third quarter of 2017, as the dollar index rose from 92.40 after it continued its decline since the end of the first quarter of the year, reaching the lowest level since January 2015 at 90.97.
Today marks the last trading day of this week, last trading day of September and the last trading day of the third quarter of this year.
The last hours of the week, month and quarter will likely provide more choppy trading as positions are adjusted across the board.
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