Depressed near one-week low under 0.7300

AUD/USD remains on the back foot after posting the biggest losses in a month. The aussie pair begins the key trading day, comprising the US employment data, while keeping the recent 0.7265-82 range, currently around 0.7275, at the start of Friday's Asian session. The pair's declines are mostly attributed to the US dollar's sustained pullback from the multi-month low, followed by a slump in the Wall Street benchmarks. Also weighing the quote could be worried concerning the US stimulus and escalating Sino-American tension.To get more news about WikiFX, you can visit wikifx official website.
　　After loosing +140 pips so far during September, AUD/USD questions the bulls to reassess their bets. Though, the previous five-month rally from the sub-0.6000 area terms the recent declines as a mere consolidation than anything else.
Even so, market players need to be cautious as the US Dollar Index (DXY) probes a three-week-old resistance line following its U-turn from a 28-month low. The greenback gauge respects the market's rush to risk-safety amid uncertainty over the American stimulus and escalating US-China tension. Also favoring the US currency could be the Fed policymakers' clears view of keeping the monetary policy easy and without doubt, unlike others on the line that still lack directions.

　　It's worth mentioning that the US Jobless Claims and the activity numbers were also less harmful on Thursday. The same reversed fears of a heavy disappointment from today's Nonfarm Payrolls (NFP) after Wednesday's ADP data slipped below marked consensus of 950K to 428K.
　　Elsewhere, China's Global Times (GT) recently threatened the US to cut its American debt holdings after the Trump administration announced extra hardships for Beijing diplomats. One should know that China is the world's second-largest holder of US debt.
　　Against this backdrop, Wall Street benchmarks witness the sea of red led by the Nasdaq's 5.0% losses and 1.5 basis points of the US 10-year Treasury yields.

Chance for USD/GBP/AUD Upside as JPY Strength Limited

Japanese firms slashed spending on plant and equipment by the most in a decade in the second quarter, the government said on Tuesday. As a result, the strength of the Yen was limited while the USD/JPY staged a flat performance and consolidated around 105.70.To get more news about WikiFX, you can visit wikifx official website.
　　“Abenomics” is much more likely to see an end ahead of the news that Abe suddenly resigned his post, which put a premium on the Yen at once but later revealed to be unrealistic for markets. As the core of Abenomics, the Yens depreciation pushes domestic prices up and stimulate the production of companies.
　　However, Japan's second-quarter Capex falls most in decade, as reported on Tuesday. In addition, the strength of JPY will be limited considering other challenges ahead of Japan such as shrinking workforces and the indefinite postponement of Olympic Games.

　　In terms of USD/JPY, the rate is expected to see a further growth once finding the stability above the level of 104.00 in view of the strong support ever achieved around the level.
　　In terms of EUR/JPY, the rate is now stay in the ascending channel but may hit the resistance zone of 129.0-130.0 in future tradings if the support is continuously gained at the lower band of 125.0.
　　The exchange rate of AUD/JPY shows a more complex picture. Its short-term uptrend is expected to suffer a setback as it is currently approaching the resistance level of 78.60. While in the medium term, gains will be extended in future tradings if it stays constructive below the 76.60 level.
　　All the above is provided by WikiFX, a platform world-renowned for foreign exchange information. For details, please download the WikiFX App: bit.ly/WIKIFX

A Visit to Forex Broker BP Prime in London

An investor lately asked WikiFX to verify the regulatory information and business conditions of the British broker BP Prime. In response to the trader, WikiFX decided to visit the broker BP Prime in London.To get more news about WikiFX, you can visit wikifx official website.
　　Broker introduction
　　BP Prime was founded in 2013. Headquartered in London, it has offices in Italy and China with clients across Europe, Asia and South America, providing contracts for difference of forex, commodities and crypto currencies.

Great Eastern Street, where is only 20 minutes away from the central London, has become commercialized to a great extent. Along the way, it was found that the entire street has bristled with high-grade office buildings. The investigator arrived at the building numbered 62 under the help of navigation. Does BP Prime really work here？
　　Entering the building, the investigator noticed that all the entrance, reception and floors have been refurbished. The building was accessible only by swiping its card and there were security guards around. With advance reservation, the investigator was soon received by the staff of BP Prime
　　After getting into its office, the investigator observed that many employees were orderly working on computers, with various documents neatly stacked next to them. The overall environment was clean and comfortable as the office was also equipped with a rest area and a tearoom.
　　This visit confirms that the broker BP Prime is a real one and its business address is in line with that on the regulatory information. On the WikiFX APP, BP Prime has been rated 6.86. It is currently under valid supervision with the Straight-Through-Processing (STP) license of the FCA.

Tumbling WTI Concerns for $41.30

WTI crude reported the largest one-day fall in three months on Wednesday, bottoming at $41.23 from the high level of $43.20. Oil prices have rebounded back overnight after breaching below the key support of $41.30, and are consolidating above $41.30 now.To get more news about WikiFX, you can visit wikifx official website.
　　The rally of the U.S. dollar index will become one of the important factors affecting oil prices. Meanwhile, the ADP said on Wednesday that the U.S. economy added 428,000 jobs in August. As the third largest increase of all time, it indicates that the U.S. economy is generally optimistic in the month.

　　Accounting for three-quarters of the U.S. economy, the service sector will embrace its data for August today, including the Markit's final reading of the Services PMI and the ISM non-manufacturing PMI. In addition, the non-farm payrolls for August will be published tomorrow. The overall markets, including the crude oil markets, are expected to suffer wild swings due to the data.
　　On the other hand, the EIA reported that the country's production of crude oil has reached a record low for the week ending August 28. At the same time, oil prices may be hampered as the market expectations that refineries will soon be shut down for equipment maintenance may further weaken the demand for oil and gasoline.
　　According to the daily chart, oil prices are consolidating around the level of $41.30 and expected to further test this key support in the short term, where a breach below may extend downside to $34.50 in the medium term. However, if oil prices stay constructive above the level, there is room for upside to challenge the resistance zone of $44.0-45.0.
　　All the above is provided by WikiFX, a platform world-renowned for foreign exchange information. For details, please download the WikiFX App: bit.ly/WIKIFX

PM Modi pitches India as best place for global investors

Prime Minister Narendra Modi on Thursday said the country's political stability and policy continuity makes it the best place for global investors in the aftermath of the COVID-19 pandemic.To get more news about WikiFX, you can visit wikifx official website.
　　Addressing the US-India Strategic Partnership Forum through video confence, Modi also cited a slew of reforms undertaken by his government and asserted that India is committed to democracy and diversity and it has undertaken far-reaching reforms in recent months.

Noting that the current situation demands a fresh mindset that is human-centric, Modi said India did the same by scaling up its healthcare facilities in a record time to deal with the COVID-19 pandemic.
　　He also said India was amongst the first globally to advocate masks and face coverings as a public health measure and also amongst those creating a public campaign about social distancing. Modi further said his government has undertaken far-reaching reforms to make the business easier and red-tapism lesser.
　　Modi said his government launched one of the largest support programmes for the poor globally following the COVID-19 outbreak in form of the Pradhan Mantri Garib Kalyan Yojna, under which free foodgrains have been provided to over 80 crore people.

Silver Lake in talks to take $1 billion stake in India's Reliance Retail

Private equity firm Silver Lake Partners SILAK.UL is in talks to invest $1 billion in the retail arm of India's Reliance Industries Ltd.To get more news about WikiFX, you can visit wikifx official website.
　　The investment, which would value Reliance Retail at about $57 billion, comes as the company is aiming to sell about 10% in new shares, the report added.
　　Silver Lake declined to comment on the report, while Reliance could not immediately be reached outside of normal business hours.

Reliance, an oil-to-telecoms conglomerate controlled by India's richest man, Mukesh Ambani, is pitching its retail business as a formidable force in the world's second most populous country, expanding rapidly to woo potential investors. company has raised more than $20 billion from global investors including Facebook Inc by selling stakes in its Jio Platforms digital business and has said it aims to attract investors to Reliance Retail over the next few quarters.
　　In late August, Reliance said it would acquire the retail and logistics businesses of India's Future Group in a deal valued at $3.38 billion, including debt.

The dollar extended gains on Wednesday and the euro fell, retreating from the key $1.20 level reached in the previous session.
　　Wednesday's counter-trend was attributed by analysts to profit taking and technical resistance to the $1.20 mark hit Tuesday, spurred on by comments from European Central Bank chief economist Philip Lane, who said that the euro-dollar rate “does matter” for monetary policy. Comments show the ECB was rattled by the appreciation of the euro and fall in the dollar.

Oil May Decline on Plunging Wall Street & Soaring VIX

On Thursday, the Wall Street saw a sharp drop ahead of the upcoming non-farm payrolls; The fear index (VIX), a popular measure of the stock market's expectation of volatility, largely rallied to an intraday high of 35.94% from 25.66%; WTI crude further penetrated the level of $41.30 to an intraday low of $40.22.To get more news about WikiFX, you can visit wikifx official website.
　　As the FED Chair Powell has repeatedly emphasized the importance of labor data earlier, bulls took profits before the release of non-farm payrolls, which punished U.S. stocks after fresh highs in a row.
　　On the other hand, Markit announced yesterday that its final reading of the Services PMI was 55, indicating the U.S. economy is regaining energy. However, such recovery occurs in an imbalance way as the activities of consumer-oriented sectors are still falling steadily due to the continuous practice of social distancing.
　　Moreover, the uncertainty in Sino-U.S. trade also curbs markets' bullish outlook. The Wall Street may see its short-term loss deepened in future tradings, and the downside may be steep if the upcoming non-farm payrolls prove to be poor.

　　WTI is struggling around the level of $41.30 and may further test the support here in the short run, while a breach below the level may bring $34.50 on the radar in the medium run. The factor that most limits oil prices is the sluggish revival of demand due to the uncertainty in global economic recovery. Consequently, oil prices are expected to be weak before the good news about vaccines being more specific.
　　All the above is provided by WikiFX, a platform world-renowned for foreign exchange information. For details, please download the WikiFX App: bit.ly/WIKIFX

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Oil drops more than $1 after Saudi price cuts, demand optimism fades

Oil prices dropped more than $1 a barrel on Monday, hitting their lowest since July, after Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months as optimism about demand recovery cooled amid the coronavirus pandemic.To get more news about WikiFX, you can visit wikifx official website.
　　Brent crude LCOc1 was at $41.75 a barrel, down 91 cents or 2.1% by 0000 GMT, after it earlier slid to $41.51, its lowest since July 30.
　　U.S. West Texas Intermediate crude CLc1 skidded 91 cents, or 2.3%, to $38.86 a barrel. Front-month prices initially hit a low of $38.55 a barrel, a level not seen since July 10.
　　The world remained awash with crude and fuel supplies despite OPEC+ supply cuts and government efforts to stimulate the global economy and oil demand, forcing refiners to rein in output and producers to make deep price cuts again.

　　“With the Labour Day (holiday) in the U.S. officially marking the end of the summer driving season, investors are also facing up to the fact that demand has been lacklustre, while inventories remain at elevated levels,” ANZ analysts said in a note.
　　The world‘s top oil exporter Saudi Arabia cut the October official selling price for Arab Light crude it sells to Asia by the biggest margin since May. Asia is Saudi Arabia’s largest market by region.