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06.09.202111:31 Forex Analysis & Reviews: Review of the US market on September 6

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The US market is currently at yearly highs.

It opened quite calmly today as the country is celebrating a holiday - Labor Day. Markets are currently closed in the US.

But on Friday, stock indices were practically unchanged as Dow slipped by only 0.2%, while NASDAQ grew by only 0.2%.

Meanwhile in Germany, latest data say industrial orders were up 3.4% in July, which is the opposite of what was expected.

And surprisingly, oil showed weakness at the opening of this trading week. Brent declined by 1.5% and traded at $ 71.60. This happened despite the hurricane in the Gulf of Mexico, which reduced production by 1.6 million barrels. Saudi Aramco also gave discounts to some buyers from Asia.

On the bright side, COVID-19 incidences were declining once again. Latest data say it to only 430,000 on Sunday, with US and Britain recording approximately 38,000.

Going back to the markets, the S & P 500 valued at 4.535, ranging from 4.500 to 4.550 points. It hit such a level amid disappointing data on US nonfarm payrolls. Apparently, only 235,000 jobs were created in August, well below the forecast of 700,000. Fortunately, the unemployment rate fell to 5.2%.

As for business activity in the services sector, an index value of 61.7 points was recorded.

For this week, market players should pay attention to the upcoming report on US employment (Thursday).

Talking about dollar, its index hit 92.20 points and ranged from 91.80 to 92.40. It has been steadily declining from record highs, albeit slowly. The reason was increased demand for euro amid reports of rising inflation in the EU and possible revision of the ECB policy. But the ECB itself did not confirm these speculations. In any case, there is a chance that euro will stall ahead of the German elections at the end of September.

As for USD / CAD, it traded at 1.2530, ranging from 1.2480 to 1.2580. A decline in oil will affect market sentiment.

Conclusion: Market players should wait for impulses from the economy.

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