The loss of impetus in the risk-associated universe allowed the US Dollar to rebound from Wednesday’s 2024 peaks on Thursday, helped by the equally decent bounce in US yields, all prior to the speech by Fed’s Powell at Jackson Hole.
Here is what you need to know on Friday, August 23: After bottoming out in the sub-101.00 region on Wednesday, the USD Index regained some balance and revisited the 101.60-101.65 band on Thursday. Chief Powell’s speech at the Jackson Hole Symposium will take centre stage on August 23, seconded by New Home Sales. The move higher in the Greenback prompted EUR/USD to give away part of its recent gains to level north of the 1.1100 mark.
USD/JPY rose markedly on the back of the robust bounce in the dollar and higher US yields. The BoJ’s K. Ueda will testify before Parliament on August 23, ahead of the Inflation Rate. The sharp rebound in the dollar hurt AUD/USD and motivated it to add to Wednesday’s losses and challenge the 0.6700 neighbourhood. The next key event in Oz will be the RBA’s Monthly CPI Indicator on August 28.
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