<p>Headlines:</p><ul><li><a target=“_blank“ href=“https://www.forexlive.com/news/us-futures-jump-higher-in-european-morning-trade-20220825/“>US futures jump higher in European morning trade</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/dollar-falls-as-risk-appetite-picks-up-to-start-the-session-20220825/“>Dollar falls as risk appetite picks up to start the session</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/feds-george-there-is-more-work-to-be-done-on-high-inflation-20220825/“>Fed’s George: There is more work to be done on high inflation</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/feds-bostic-strong-data-may-make-a-case-for-another-75-bps-rate-hike-20220825/“>Fed’s Bostic: Strong data may make a case for another 75 bps rate hike</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/germany-august-ifo-business-climate-index-885-vs-868-expected-20220825/“>Germany August Ifo business climate index 88.5 vs 86.8 expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/germany-q2-final-gdp-01-vs-00-qq-prelim-20220825/“>Germany Q2 final GDP +0.1% vs 0.0% q/q prelim</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/uk-august-cbi-retailing-reported-sales-37-vs-7-expected-20220825/“>UK August CBI retailing reported sales 37 vs -7 expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/bojs-nakamura-it-is-premature-for-boj-to-tweak-dovish-forward-guidance-now-20220825/“>BOJ’s Nakamura: It is premature for BOJ to tweak dovish forward guidance now</a></li></ul><p>Markets:</p><ul><li>AUD leads, USD lags on the day</li><li>European equities higher; S&P 500 futures up 0.5%</li><li>US 10-year yields down 1.1 bps to 3.095%</li><li>Gold up 0.7% to $1,762.93</li><li>WTI crude up 0.4% to $95.25</li><li>Bitcoin up 0.1% to $21,722</li></ul><p style=““ class=“text-align-justify“>The destruction continues in European energy markets but broader markets in general are finding relief before we get to Jackson Hole tomorrow. There was a quick bid in equities in the early hours of the morning, which prompted the dollar to slide across the board as well. Most of that move stuck around as we now transition to North America trading.</p><p style=““ class=“text-align-justify“>S&P 500 futures shot up from being up 0.3% to 1.0% gains and the dollar fell as a result. EUR/USD moved up from 0.9980 to 1.0030 before pulling back closer to parity and now back down to 0.9975 as the euro continues to struggle for any upside traction.</p><p style=““ class=“text-align-justify“>GBP/USD moved up from 1.1810 to 1.1860 before keeping just below that now while USD/JPY eased from 136.85 to 136.35 during the session and is keeping at the lows for the day currently.</p><p style=““ class=“text-align-justify“>Commodity currencies enjoyed a respite with USD/CAD moving down from 1.2950 to test 1.2900 while AUD/USD came up from 0.6950 to 0.6990 before gains seized near the 0.7000 mark.</p><p style=““ class=“text-align-justify“>Fed speakers continue to keep the door open for a 75 bps rate hike next month but the only words that matter this week will be from Powell.</p>

This article was written by Justin Low at www.forexlive.com.

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This article was written by ForexLive at www.forexlive.com.

<ul><li>50 bps rate hike provided more clarity for market participants</li><li>ECB not changing assessment regarding terminal rate</li><li>Medium-term inflation risks have also increased</li><li>Members unanimously supported TPI</li><li><a target=“_blank“ href=“https://www.ecb.europa.eu/press/accounts/2022/html/ecb.mg220825~162cfabae9.en.html“ target=“_blank“ rel=“nofollow“>Full accounts</a></li></ul><p style=““ class=“text-align-justify“>There isn’t much that we don’t already know but as a reminder, there is a sense that the sudden increase by 50 bps in July may have felt a little rushed. Considering the economic circumstances and outlook in Europe ahead of winter, the window is closing for the ECB to keep a more aggressive stance.</p>

This article was written by Justin Low at www.forexlive.com.

<ul><li style=““ class=“text-align-justify“>Want to see at least 3 months of consistent data to know where things are going</li><li style=““ class=“text-align-justify“>Too soon to say what to expect in September decision</li><li style=““ class=“text-align-justify“>There is more key data coming</li><li style=““ class=“text-align-justify“>Full effects of recent rate hikes may not be seen for some time</li><li style=““ class=“text-align-justify“>Bringing <a target=“_blank“ href=“https://www.forexlive.com/terms/i/inflation/“ target=“_blank“ id=“ad51a5a2-1afc-4f42-9e62-ea6faf6f90fa_1″ class=“terms__main-term“>inflation</a> back to our target remains the focus</li></ul><p style=““ class=“text-align-justify“>She is playing down any potential for the Fed to stray away from its current path as she says that „the near-term thinking about higher interest rates seems reasonable to me“. But I guess markets have come to terms with that by fading the supposed Fed pivot with the dollar having strengthened back in the past two weeks. So far, there isn’t much movement to her remarks at the moment.</p>

This article was written by Justin Low at www.forexlive.com.

<p style=““ class=“text-align-justify“>The kickoff rally for Biden and the Democrats will be in Rockville, Maryland – a safe choice – before moving on to what the White House has billed as a ‚coast-to-coast tour‘ across the country. Biden was facing some really tough odds amid voter discontent on inflation and soaring energy prices but that has cooled down a little.</p><p style=““ class=“text-align-justify“>The whole Roe vs. Wade issue has also somewhat helped but they really will have to go all out on the offensive even if their fortunes have improved in recent weeks. It may be of much focus yet but as we get closer to the date, domestic politics will once again become more of factor for the dollar so just be mindful of that.</p>

This article was written by Justin Low at www.forexlive.com.