This is what you need to know to trade today friday august 26:
Markets remain relatively quiet early on Friday as investors remain on the sidelines waiting for FOMC Chairman Jerome Powell to deliver his keynote address at the annual Jackson Hole Symposium. On Thursday, improving market sentiment made it difficult for the dollar to find demand and the Dollar Index (DXY) closed the day in negative territory near 108.50. DXY posts modest gains in European morning trading amid a negative change in risk sentiment in early Friday hours. The US Bureau of Economic Analysis (BEA) will release the personal consumption expenditures (PCE) price index along with personal income and spending data for July.
Jackson Hole Symposium Preview: Can Powell Boost Dollar Bulls?
US data revealed on Thursday that the BEA revised second quarter GDP growth upwards to -0.6% from -0.9% in its flash estimate. Additionally, weekly jobless claims fell to 243,000, beating market expectations of 253,000.
Philadelphia Fed President Patrick Harker said even a 50 basis point rate hike in September would be a “substantial move,” and this comment helped Wall Street’s main indices gain traction.
On Thursday, for the third consecutive day, the EUR/USD it tested parity, but failed to break that key level. Early in the European morning, the pair is trading in a tight range above 0.9950.
After posting small daily gains on Thursday, the GBP/USD reversed its direction going down towards 1.1800 on Friday.
The Prayed closed Thursday for the third consecutive time in positive territory and touched its highest level in a week, at $1,765, before losing its traction. With the 10-year US Treasury bond yield rising 1% early Friday, gold remains below $1,760.
Supported by renewed dollar strength and rising US Treasury yields, the USD/JPY It trades in positive territory near 137.00.
the bitcoin It continues to move up and down in a tight channel around $21,500. The ethereum it rose above $1,700 on Thursday, but failed to hold there. At the time of writing, ETH/USD is down 2% on the day at $1,660.
Source: Fx Street
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