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Late Equities Selloff Sparks USD Reversal, Euro Weakness

FOREX
  • The US Dollar had traded in negative territory for the majority of Friday’s session, with some softer readings within the US employment report weighing on the greenback. However, late headlines from Gazprom, indicating a potential delay to the planned re-opening of the Nord Stream pipeline, have sparked a sharp selloff in equities and a correlated recovery for the USD index.
  • The Euro was the main victim to the news with EURUSD falling around 70 pips from 1.0020 to 0.9950, unable to make fresh lows from overnight. The pair is set to close the week marginally in the red once more and remains technically vulnerable with the 0.9900 handle in focus.
  • In similar vein, GBPUSD fell sharply and matched yesterday’s lows at 1.1500 as the pair closes in on the pandemic lows and major support at 1.1412.
  • USDJPY continued to trade in a volatile manner over payrolls and despite a kneejerk move down to 139.95, the pair quickly traded to a fresh cycle high of 140.80 before gravitating back to around 140.00 throughout the remainder of the session, with the late plummeting equity indices having little impact on the pair.
  • Australian retail sales data precedes European services PMI and Eurozone retail sales data on Monday. US Markets will be closed on Monday for national Labor Day holiday.
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