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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Platform]: US non-farm data is far lower than expected! Spot gold hits a new high." Hope it will be helpful to you! The original content is as follows:
On September 8, early trading in the Asian market on Monday, Beijing time, the US dollar index hovered around 97.90. Last Friday, the non-farm data was in a big upset, and the US dollar index fell sharply in the short term and was close to erasing all the gains last week, and finally closed down 0.54% to 97.74. The benchmark 10-year U.S. Treasury yield closed at 4.0770%, while the 2-year U.S. Treasury yield closed at 3.5190%. Spot gold hit a new high, briefly breaking through the 3600 mark, closing at $3586/ounce, and finally closing up 1.12%, the third consecutive week of closing up; spot silver closed up 0.82% to $40.97/ounce. The prospect of further increase in production has exacerbated concerns about oversupply, with international oil prices falling for three consecutive days. WTI crude oil maintained a downward trend throughout the day, losing to $62, and finally closed down 2.61% at $61.69/barrel; Brent crude oil finally closed down 1.81% at $65.66/barrel.
Dollar Index: As of press time, the US dollar index hovered at $97.90. Market attention turned to Friday's U.S. non-farm employment report (NFP), which will be key to determining whether the market will push expectations higher than the already fully priced rate cut at the Federal Reserve meeting on September 16-17. Weak employment data could open the door to a larger adjustment, while strong recruitment data could provide new support for the dollar. In the UK, retail sales and fiscal dynamics remain at the heart of the pound's outlook. Technically, the most recent support level of the US dollar index is in the range of 97.10–97.30. If the U.S. dollar index falls below that level, it will go to the next support level 96.40–96.55.
On the Asian session on Monday, gold hovered around 3588.75. Precious metals rose slightly to near all-time highs as weak U.S. jobs data further consolidated expectations for the Fed's rate cut later this month. U.S. non-farm employment data (NFP) released on Friday showed that hiring slowed in August and the unemployment rate rose to its highest level since 2021, confirming that labor market conditions in the world's largest economy are falling. The reports boosted expectations of the Fed's rate cut, which provided some support for precious metal prices, as lower rates could reduce the opportunity cost of holding gold.
On the Asian session on Monday, crude oil trading 6Nearly 1.87. As the global economy emerges deeper cracks, the oil market continues to fall. Oil prices fell further after weak employment data, heralding a wider economic slowdown.
Forex market trading reminder on September 8, 2025
①To be determined China's August trade account
②To be determined French government holds a vote of confidence on budget issues
③07:50 Japan's July trade account
④14:00 Germany's July seasonally adjusted industrial output monthly rate
⑤14:00 Germany's July seasonally adjusted trade account
⑥16:30 Eurozone September Sentix Investor Confidence Index
⑦23:00 US New York Fed's 1-year inflation expectation
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