Despite a huge miss in US non-farm payrolls, where the nation added 235k jobs versus 733k expected in August, most stocks on Wall Street concluded the week higher. The tech-heavy Nasdaq 100 outperformed the S&P 500 and more cyclically-sensitive Dow Jones.
it was another terrible week for the US Dollar as it underperformed virtually every G10 currency. The boost in market sentiment supported the growth-linked Australian and New Zealand Dollars. The Euro also received a bid after Euro-area inflation data surprised higher at the beginning of last week.
Turning to commodities, precious metals like gold and silver also shined against the backdrop of a weaker US Dollar. XAU/USD aimed for its highest close since the middle of June. XAG/USD shot upwards towards a near one-month high.
Market Week Ahead
Looking at the week ahead, the Australian Dollar, Euro, and Canadian Dollar are bracing for central bank rate decisions. The Reserve Bank of Australia (RBA), European Central Bank (ECB), and Bank of Canada (BoC) are on tap. Diverging economic situations could make for some volatility between AUD/USD, EUR/USD, and USD/CAD.