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The US Dollar struggled to maintain its upward momentum on Tuesday, as market participants adopted a cautious stance ahead of crucial economic data releases later in the week. The British Pound emerged as a standout performer, benefiting from the Bank of England’s persistent hawkish stance.
Key Economic Events for Wednesday, August 28:
US: MBA Mortgage Applications, EIA Crude Oil Inventories, FOMC’s Waller Speech
Eurozone: M3 Money Supply, Loans to Companies and Households
Australia: RBA Monthly CPI Indicator
Japan: Final Coincident Index, Leading Economic Index
Currency Pairs:
EUR/USD: Gained ground, recovering from Monday’s decline.
GBP/USD: Reached two-year highs, supported by BoE rate hike expectations.
USD/JPY: Continued its downward trend, testing the 144.00 support level.
AUD/USD: Consolidated near recent peaks, attempting to break above the 0.6800 barrier.
Commodities:
WTI Crude Oil: Retreated sharply due to renewed demand concerns and profit-taking.
Gold: Experienced mixed trading, remaining above $2,500 per ounce.
Silver: Rose slightly, hovering near the $30.00 mark.
The market remains focused on upcoming economic indicators, particularly the US Personal Consumption Expenditure (PCE) data, which could significantly impact the Federal Reserve’s monetary policy decisions.
Also Read:
US dollar weakened against gold and European currencies
US bond yields continue to rise
USDJPY is decoupling from US Treasury yields
Euro weathered the storm of negative data
Gold climbs as rate cut forecasts increase
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