Market drivers; US Session, August 22

The US Dollar rebounded from its 2024 lows on Thursday as risk sentiment weakened. Rising US Treasury yields also supported the Greenback, ahead of Federal Reserve Chair Jerome Powell’s speech at Jackson Hole.

Key Economic Events

Federal Reserve Chair Powell’s Speech: The speech will provide insights into the Fed’s monetary policy outlook. The European Central Bank will release its consumer inflation expectations survey. The UK will release consumer confidence data, and the Bank of England Governor Andrew Bailey will deliver a speech. Japan will release its inflation rate data, and the Bank of Japan Governor will testify before Parliament. Australia will release its monthly consumer price index indicator.

Market Movements

EUR/USD: Declined as the US Dollar strengthened.
GBP/USD: Continued to rise, reaching a new year-to-date high.
USD/JPY: Increased significantly due to the stronger dollar and higher US yields.
AUD/USD: Fell as the US Dollar gained.
WTI Crude Oil: Rose amid expectations of lower interest rates.
Gold and Silver: Prices declined as the dollar strengthened and yields rose.

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