Market Sector Scanner: Weak U.S. Jobs Confirm Rate Cut Bets, Gold Hits Record Highs

Gold continued to surge to fresh record highs last week, driven by safe-haven demand and growing expectations of lower U.S. interest rates, while U.S. equities ended close to unchanged as profit-taking and concerns about the economy capped gains. The U.S. dollar gave back early strength after weak August employment data showed only 22,000 new jobs versus forecasts of 76,500, with the unemployment rate climbing to 4.3%, the highest in four years. Other economic reports were mixed, with U.S. PMI readings below expectations but U.K. retail sales stronger than forecast, leaving investors focused on the rising risk of a Federal Reserve rate cut later this month. drivers.

Scan for opportunities on:

• Forex market (major currency pairs)
• Equities
• Commodities (gold)

Key Events Calendar for September 8 – 12

Market Sector Scanner

Forex Market

USD/JPY

Last Week Recap:
USD/JPY traded sideways through most of last week, but selling pressure grew as markets prepared for a likely 0.25% U.S. rate cut in September. Tokyo CPI came in at 2.5%, above the BOJ’s 2% target, which kept talk of a possible BOJ rate hike alive and added to the downside pressure on the dollar.

Technical Picture:
Bollinger Bands continue to narrow, keeping prices locked in a tight range and highlighting subdued momentum. The 10-day moving average is flat as well, reinforcing that range-trading conditions remain likely in the short term.

Outlook This Week:
Range trading between 146 and 149 the best approach until a decisive breakout develops. Upcoming U.S. inflation data could provide the catalyst for short-term trading opportunities, with a clear move outside the range needed to set the next directional trend.

GBP/JPY

Last Week Recap:
The 200 resistance level was tested again early last week but held firm, with traders content to keep range trading. Worries about the U.K. government’s finances also encouraged speculative selling near resistance.

Technical Picture:
Bollinger Bands continue to tighten as the range narrows to 197–200. Prices moved back above the 10-day moving average, but with volatility low, there was not enough momentum to break through 200.

Outlook This Week:
Range trading remains the best approach, with lower levels looking more likely in the medium term as the 200 resistance continues to cap gains.

EUR/USD

Last Week Recap:
EUR/USD ended the week almost unchanged as overall trading stayed quiet. Weak U.S. employment data gave the euro some support, helping the pair climb back toward resistance, but there was not enough momentum for a clear breakout.

Technical Picture:
Bollinger Bands narrowed further, showing reduced volatility and highlighting the lack of direction in the market. The 10-day moving average also stayed flat, suggesting that sideways price action is likely to continue until a major surprise provides a catalyst.

Outlook This Week:
This week, attention will turn to U.S. inflation data. If the numbers come in below expectations, it could increase the chances of more U.S. rate cuts, which may benefit the euro. Until then, range trading remains the most practical approach, with traders waiting for fresh signals to set the next move.

Equities

U.S. Stock Market

Last Week Recap:
The Nasdaq finished the week slightly higher, supported by improving sentiment around the potential of AI and a favorable U.S. antitrust ruling against Google. Weak U.S. employment data also raised expectations of further rate cuts, which was positive for the index.

Technical Picture:
Prices closed back above the 10-day moving average, suggesting sideways to higher action in the short term. Bollinger Bands show falling volatility, as the market waits for the September Federal Reserve meeting for the next major catalyst.

Outlook:
Range trading remains the best short-term strategy for now. If U.S. inflation data comes in below expectations this week, the Nasdaq could push to new record highs.

Commodities

Gold

Last Week Recap:
Gold extended its rally last week, reaching fresh record highs as safe-haven demand continued. Both speculators and investors were active buyers, while weaker U.S. employment data reinforced expectations for rate cuts, adding further support to the move higher.

Technical Picture:
The metal continues to trade above the upper Bollinger Band, showing strong upward momentum and a wide gap over the 10-day moving average. At these record levels, selling short-term weakness looks safer than chasing strength.

Outlook This Week:
While the broader trend stays firm, the market looks stretched in the short term. Waiting for dips toward the 10-day moving average remains the best strategy for buyers. Short-term traders may also consider selling downward momentum on intraday charts if signs of easing appear.

This week is likely to start calmly, with the U.S. dollar and stocks staying in small ranges as traders wait for new signals. The main focus is U.S. inflation data, which could create short-term trading moves. Gold stays in the spotlight as traders watch if record highs continue or if profit-taking pulls it back. In Japan, GDP data will show if growth is strong enough for the Bank of Japan to consider raising rates.