USD falls the most vs the NZD
The USD fell versus all the major currencies is weeks with the exception of one…the CHF.
The US dollar fell the most versus the NZD and AUD as those currencies benefited from risk on sentiment, somewhat improving China and expectations that as Covid spread slows, central banks would start to look toward reversing some of the expansionary

WTI crude gives up gains to settle down 70-cents to $69.29
The fundamental story in oil this week is continued outages in the Gulf of Mexico. Generally, platforms come back online quickly after storms but that’s not the case after Ida.

Forex news from the European trading session – 3 September 2021
Headlines:
Markets:
– AUD leads, CHF lags on the day
– European equities mixed; S&P 500 futures up 0.2%

US futures holding at the highs going into payrolls
The market is keeping steady for the most part as we continue to count down to the US non-farm payrolls release later today. US futures are not sensing much fear ahead of the key risk event, keeping near all-time highs in European morning trade.

What to expect from the US jobs report today
This could be one of the more straightforward reports in the sense that a poor reading will cast some doubts about the labour market recovery, reaffirming fears from the ADP employment data on Wednesday, and keep a drag on the dollar.

BofA lifts its forecasts for euro area growth, inflation
As for the ECB and the PEPP programme, it is very much expected to see that run its course until expiry in March next year. That said, one can expect the central bank to ease the pace of purchases over the next few months.

Remarks by the Chinese central bank
– Will improve financial risk prevention, warning, disposal and responsibility system
– Will maintain stable operation of stock, bond, and forex markets
This just reaffirms that they are maintaining their current policy stance in light of concerns surrounding China’s economy in general, especially with tech stocks having taken a significant knock over

Forex news from the European trading session – 2 September 2021
Headlines:
Markets:
– AUD and NZD lead, USD lags on the day
– European equities mixed; S&P 500 futures up 0.2%

Latest data released by Challenger, Gray, and Christmas Inc
– Prior 18.9k
US-based employers announced 15,723 job cuts last month, down 17% from July. The total layoffs for the month was the lowest since June 1997 and from a year-on-year comparison, job cuts in August this year were down 86% from August 2020.

Dollar somewhat sluggish in European morning trade
That said, the range for the day is a measly 18 pips so even the latest move here is seen as a bit of a stretch rather than the euro flexing gains against the greenback.