EUR/USD (a 4-hour chart)
This week will be a striking example of "Central Banks parade ": management boards of several leading world Central Banks will hold the meetings on monetary policy. There was a meeting of the Reserve bank of Australia on Tuesday, Bank of Canada will hold one today, Bank of Japan, Bank of England and European Central Bank will meet on Thursday.
Non-farm payrolls shall be published on Friday September 6. The last key report on employment before September meeting of FOMC will be especially important for hesitating members of the committee, who are not quite confident in the force of the national economy. If the report is unambiguously strong or unambiguously weak, its influence on a spirit of investors can be very powerful.
EUR/USD continued a negative tendency which was last week as the German Manufacturing PMI was a little lower than expectations while other part of Europe actually reached or exceeded expectations.
GBP/USD grew against the US dollar thanks to the British PMI index. The key index has grown to the highest level for 19 years, the British PMI indexes continue to grow at impressive rates.
USD/JPY grew as the probability of rigidity of the USA together with Japanese desire to stimulate grows.
The markets were closed yesterday in the USA due to the Labor Day so no releases were made.
When will the Federal Reserve System narrow the QE? The Federal Reserve System didn't give any hints, and the recent statements of politicians of FRS underline distinctions concerning terms of such step. Is it obvious that stronger data of the USA, in particular number of newly created workplaces, will increase probability that the FRS will begin actions rather earlier, than later. It means that releases of the USA, especially those on employment, will be under a microscope of the market and traders have to be ready to the beginning of narrowing of FRS at any time that, most likely, will strengthen US dollar.