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  • richard evans

USD remains firm, NASA remains grounded

Good morning

It was a slightly lacklustre day yesterday, USD had a little spell of weakness in the afternoon with GBPUSD reaching 1.1740 and EURUSD 1.0025, but that didn’t last too long, GBPUSD now 1.1710 and EURUSD testing 0.9980, an area that has now been tested three or four times since yesterday afternoon and has so far held. I still think USD will continue to find support and any weakness will simply offer better levels to buy. Feds Kashkari said he was pleased the market reacted to Powell the way it did, as it shows people are in no doubt about the Feds commitment to getting inflation back to target. GBPEUR slipped lower over the past couple of days but found some support around the 1.1700 area, now 1.1725.

It turned out to be quite a day for gold yesterday, initially trading down from $1760/oz after Powell Friday to the $1735 area, then trading lower again yesterday to $1720 before pushing back up to $1745 in the afternoon. It just couldn’t hold those gains and soon came back under pressure, no back to $1730. I have trendline support coming in around $1690.

I was rather looking forward to watching the launch of NASAs Artemis rocket yesterday but it failed to take place, NASA called off the launch due to engine problems. Still, I had time to compare the SLS Artemis 1 to Saturn V and Musks Starship. All are a similar size, some 100-120m tall, but each with varying levels of equipment and technology. It is no surprise when you look at the issues involved in getting a rocket to the moon that people remain sceptical that the moon landing of the 1960s and 70s actually took place. Some serious feat of engineering back then.

Just a few days to go now before the end of the summer holidays. Also just a couple of days to go before the end of the football transfer window. Chelsea have spent £200m so far, with Nottingham Forest in a surprise second place in the spending table at around £130m. It is easy to criticise vast spending but Forest are determined to stay in the Premier League. I’ve always had a soft spot for Forest, they were last relegated in 1999 and even fell to League One in 2005, and have slowly worked their way back up into the top flight.

Forest are one of those big names from 25+ years ago and its good to see them back. I hope they stay up, recent performances suggest they have a decent chance. Bournemouth on the other hand, also promoted last season, have just sacked their manager Parker after their 9-0 loss to Liverpool. I’d imagine it was Parkers comments that led to his departure, rather than the result. He was quite critical of the lack of spending from the club, saying the team are not equipped to compete at Premier League level.

- 0.00 EU consumer confidence

- 13.00 German CPI, HICP

- 13.30 CAD current account

- 15.00 US consumer confidence

- 16.00 Feds Williams speaks

- 23.45 NZ building permits

- 00.50 Japan industrial production, retail trade

- 02.00 China manufacturing, non-manufacturing PMIs

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