The Japanese Yen melted again today as the US Dollar ascendency got back on track after investors and traders reassessed their exposure to risk assets. Will USD/JPY test prior peaks?

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Relatively bigger down days than up days since late July on the daily charts of the Nasdaq 100 index and the S&P 500 index’s fall below support for the first time since April suggests the rally in US indices could finally be due for a breather.

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Market sentiments continue to reel in from the US credit rating downgrade by Fitch overnight, with overbought technical conditions potentially exacerbating some profit-taking.

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Crude oil prices are under the pump today as macro conditions unwind the jolly July rally on US debt woes and although stockpiles have been depleted, WTI vulnerability has been exposed.

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The July nonfarm payrolls report will provide valuable information on the health of the U.S. economy and help shape the near-term outlook for gold, the U.S. dollar, and the S&P 500.

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