Market Overview Analysis by Ipek Ozkardeskaya covering: EUR/USD, GBP/USD, USD/JPY, Nasdaq 100. Read Ipek Ozkardeskaya's latest article on Investing.com
that when Federal Reserve Chair Jerome Powell speaks at the Jackson Hole meeting on Friday, he will deliver a strong hint that the rate cuts will begin soon in the US. How soon? Probably in September? By how much? Probably a reasonable 25bp?
In summary, both the Big Tech and small companies in the US gained with the thought of an approaching rate cut in the US. Even the energy stocks had a good session despite a heavy selloff inUS crude fell more than 2.5% to below $75pb yesterday and remains under pressure this morning but could – once the geopolitical factors are priced in – see the support of the Fed optimism and rebound back to $78/80pb range.
But again, I still think that the US dollar’s weakness has gone a bit too far and we shall see some downside correction before an eventual rise above the 1.30 mark. If nothing, the US economy is doing better than most peers and that alone should give the Fed doves less reason to believe that the Fed will cut more than the peers in the coming months.
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