Key Economic Releases in Focus for Thursday, September 3
The US dollar experienced heightened volatility on Wednesday, driven by persistent US‑Iran geopolitical tensions, speculation about fresh Japanese foreign‑exchange intervention and market uncertainty surrounding the Federal Reserve’s upcoming policy decisions.
The US Dollar Index hovered around 99.50‑99.60 on Wednesday, slipping after earlier reaching three‑week highs. Market participants are awaiting the weekly Initial Jobless Claims report, followed by the ISM Services PMI, Balance of Trade, quarterly Unit Labor Costs and speeches from Fed officials Waller and Hammack.
EUR/USD edged lower, pulling back from two‑week lows around 1.1570, but held above that level. In the euro area, attention will focus on the final S&P Global Services PMIs for Germany and the eurozone, as well as the bloc’s Producer Price Index.
GBP/USD failed to sustain a move above 1.3500, slipping to roughly 1.3470 where it encountered resistance. In the UK, the final S&P Global Services PMI will be the primary data release to watch.
USD/JPY fell sharply, briefly breaking through its 200‑day simple moving average near 158.40, as speculation intensified about possible intervention by the Bank of Japan and the Ministry of Finance to bolster the yen. Market participants are also monitoring the final S&P Global Services PMI and weekly Foreign Bond Investment data.
AUD/USD quickly reversed Tuesday’s loss, regaining upside momentum and pushing above 0.7170. In Australia, the focus will be on the final S&P Global Services PMI, the Balance of Trade report and speeches from RBA officials Jones, Hunter and Brischetto.
WTI crude oil continued its rally, breaching the $92 per barrel level to reach six‑week highs amid heightened geopolitical tension surrounding the US‑Iran situation and the Strait of Hormuz.
Gold rebounded from its recent decline, climbing toward the $4,400 per ounce level after falling since August highs near $4,700. The metal’s recovery was supported by modest weakness in the US dollar and mixed Treasury yields.
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