ForexLive European FX news wrap: Dollar sluggish as markets await Powell

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Markets:

  • AUD leads, USD and CHF lag on the day
  • European equities higher; S&P 500 futures up 0.5%
  • US 10-year yields down 1.4 bps to 3.848%
  • Gold up 0.6% to $2,498.53
  • WTI crude up 1.3% to $73.96
  • Bitcoin up 0.2% to $60,781

It was a quieter session with little in terms of market news flowing through. All eyes are on Fed chair Powell’s appearance later in Jackson Hole and that is captivating the attention of market players for now.

The dollar is somewhat sluggish again today, after having recovered a little in trading yesterday. On the week itself, it remains vulnerable to further declines across the board.

USD/JPY was an active pair in Asia amid remarks from BOJ governor Ueda in a parliamentary hearing. But the pair stuck around 145.60-10 in European morning trade, now down just 0.1% at 146.05.

Besides that, the dollar is leaning on the softer side against the higher beta currencies. GBP/USD is up 0.3% to 1.3125 and eyeing its 2023 high while AUD/USD is up 0.4% to 0.6730 on the day.

That comes as equities are in a more cheerful mood, after getting checked back a little in trading yesterday. S&P 500 futures are up 0.5% as investors are turning angst to relief ahead of Powell’s remarks later.

If you’ll be in Sydney next week, do drop by and give a hello as Eamonn and myself will be at the Finance Magnates Pacific Summit from 27 to 29 August. The attendance is free and I’ll be presenting on how one can approach trading just as you would picking up a sport. Have a great weekend, everyone!

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

Go to Forexlive

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