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US dollar loses some momentum on risk appetite as attention shifts to Jackson Hole. The EUR/USD pair looks unable to recover 1.0000, and instead, holds near 20-year lows.
The EUR/USD rose from the daily low at 0.9907 to 0.9998 in a few minutes around the London fix, on the back of a broad-based slide of the US dollar. The Euro failed to hold to gains and pulled back to the 0.9950 area.
The US dollar weakened even as US yields held at daily highs. The improvement in risk sentiment weighed on the dollar. The Dow Jones is up by 0.37% and the Nasdaq gains 0.80%. The DXY printed a fresh, daily low at 108.36 and, as of writing, it is hovering around 108.70, up 0.22% for the day.
Wednesday’s economic data indicated that Durable Goods Orders as flat in July against expectations of a 0.6% rise and Pending Home Sales declined 1%, less-than-expected. The numbers did not have a significant impact on markets that are turning their attention to the Jackson Hole symposium.
