This is what you need to know to trade today Thursday, August 26:
Markets have cooled off Thursday after another bullish session on Wednesday. Investors are turning their attention to an update on GDP and US jobless claims on Thursday ahead of Powell’s speech from the Fed on Friday. The news about Covid is also in the spotlight. Cryptocurrencies are on the defensive and gold remains below $ 1,800.
The figures of the requests for durable goods US stocks for July mostly beat estimates, unleashing selling pressure on US bonds, pushing yields higher and initially propelling the dollar. However, an upbeat mood took over Wednesday, sending the safe-haven dollar lower.
Markets are calmer on Thursday, partly due to concerns over China’s crackdown on its tech companies and as tensions mount toward Friday’s big event.
The Jackson Hole Symposium of the Federal Reserve, watched closely, it begins Thursday, with tensions rising toward President Jerome Powell’s speech on Friday. Investors expect him to continue to hint at an imminent reduction of the Fed’s $ 120 billion a month program.
The increase in COVID-19 cases in the United States it has made the Fed celebrate the event virtually, one of the signs that there is no rush to withdraw stimulus. While hospitals in Florida are under immense pressure, the pace of increases in infections has been moderating.
The update of the data is expected of the gross domestic product START of the United States for the second quarter shows an annualized growth rate of 6.7%, better than the initial reading of 6.5%. Weekly jobless claims are expected to extend their downtrend.
The EUR/USD it is trading above 1.1750, ignoring upbeat German consumer and business climate data. The minutes of the European Central Bank meeting will be published later in the day.
The GBP/USD round 1.3750 as investors watch a further rise in coronavirus cases in the UK. The AUD/USD it is struggling around 0.7250 as the virus continues to spread in Sydney and other Australian cities.
The cryptocurrencies They are extending their slide from the highs, with Bitcoin struggling to hold at 47,000 and Ethereum clinging to $ 3,100. Cardano, the third digital asset in terms of market capitalization, is also off the highs, pressed towards $ 2.50.
The oro trades around $ 1,790, consolidating its losses, while the WTI it is hovering around $ 68, substantially above last week’s lows.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
