What to watch for on Thursday, August 25:
The dollar wavered between gains and losses, ending the day mixed, but little changed on the currency board. The US currency advanced earlier in the day but gave up some ground after the Wall Street open as US stocks managed to post modest gains.
In the United States, Durable Goods Orders for July were released, which were virtually unchanged at $273.5 billion, missing expectations for a 0.6% rise. However, the reading for non-defense capital goods orders excluding aircraft rose 0.4%, beating the 0.3% expected.
For their part, US Treasury yields rose sharply. The 10-year Treasury bond yield reached the 3.1269% level, while the 2-year Treasury bond yield reached a high of 3.393%. The dollar fell during US trading hours despite yields remaining at the upper end of their range.
The EUR/USD pair traded around 0.9960, little changed for the second day in a row. GBP/USD is trading just below the 1.1800 threshold. AUD/USD is trading lower around 0.6900 while USD/CAD is trading lower at 1.2965.
Spot gold is hovering around $1,750 a troy ounce, while crude oil prices extended their advance, with WTI now trading around $95 a barrel.
The dollar posted modest gains against its safe-haven rivals. USD/CHF is trading at 0.9660, while USD/JPY is trading around 137.20
Attention now turns to the Jackson Hole Symposium. The annual event of the US Federal Reserve will host economists and policymakers from around the world, where global issues will be discussed. Market agents will try to reassess their estimates of possible rate hikes in the main economies, along with the risk of a further economic slowdown.
Source: Fx Street
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