Trade ideas thread – European session 3 August 2023

<p>And so the dollar marches on, brushing aside the news that Fitch has downgraded the US credit rating yesterday. A more dour risk mood certainly helped, alongside higher yields after the hot ADP employment data.</p><p>This is seeing USD/JPY keep up the march towards 145.00 and AUD/USD is breaking down towards key support at 0.6500 next. Besides that, EUR/USD is also running close to testing its 100-day moving average of 1.0915 again and GBP/USD could be on its way to retest the end-June lows near 1.2590-00 with the BOE in focus.</p><p>There is also a decent retreat in gold prices again, which may be angling towards key support at $1,900 before buyers step back into the picture. Overall, there's plenty to play for as the bigger picture focus in markets continue to reside on this question <a href="https://www.forexlive.com/news/which-comes-first-low-inflation-or-the-economy-breaking-20230711/" target="_blank" rel="follow">here</a>. The Fed outlook is also a key consideration this week with the US jobs report coming up tomorrow.</p><p>What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.</p>

This article was written by Justin Low at www.forexlive.com.