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The US Dollar continued its downward trend, reaching levels last seen in late December 2023. This decline was primarily fueled by growing expectations for a September interest rate cut, as indicated by the Federal Open Market Committee (FOMC) minutes.
Key Economic Events:
Jackson Hole : This influential economic gathering kicks off on August 22, and the speech b y Fed Chair Jerome Powell is much awaited for clues on future monetary policy outlook.
US Economic Data: Several US economic indicators are scheduled for release, including initial jobless claims, the Chicago Fed National Activity Index, existing home sales, and manufacturing and services PMIs.
ECB Meeting Accounts: The European Central Bank (ECB) will publish its meeting accounts on August 22.
Eurozone Data: Preliminary manufacturing and services PMIs for Germany and the eurozone, as well as the flash consumer confidence index, will be released.
UK Data: The UK’s advanced manufacturing and services PMIs for August and the CBI Industrial Trends Orders are also due.
Japan Data: The preliminary Jibun Bank manufacturing and services PMIs and weekly foreign bond investment figures are expected in Japan.
Currencies – Price Action:
EUR/USD: This pair reached new year-to-date highs above 1.1170, driven by the US Dollar’s weakness.
GBP/USD: The British Pound also appreciated, reaching fresh 2024 peaks above 1.3100.
USD/JPY: The Japanese Yen strengthened against the US Dollar, breaking below the 145.00 support level.
AUD/USD: The Australian Dollar continued its upward trend, reaching multi-day peaks near 0.6760.
Commodities:
Oil: Crude oil prices fell to nearly seven-month lows due to recession fears and concerns about the Chinese economy.
Gold and Silver: Precious metals prices rose slightly, with gold remaining above $2,500 per ounce and silver surpassing $29.00 per ounce.
Also Read:
US Stocks Surge on Renewed Rate Cut Hopes after FOMC Minutes
EUR/USD surges to fresh 13-month high following FOMC Minutes
FOMC Minutes Showing Strong Consensus for September Rate Cut
Gold Stabilizes Above $2,500 Following FOMC Minutes
FOMC Minutes: Risk to inflation goal had eased
Bitcoin climbs as analyst expect swinging performance until yearend
What can markets expect from Jerome Powell’s Jackson Hole speech?
