What you need to know on Tuesday, August 24:
The dollar was down against all of its major rivals as stocks regained their luster. The coronavirus situation in the US appears to have worsened, which in turn, would mean continued financial support from the US Federal Reserve.
Wall Street posted substantial gains, while US Treasury yields rose intraday, but ended the day little changed.
Markit released preliminary estimates of its August PMIs for the EU, UK and US The figures indicated expansion, but the pace of the recovery is slowing.
EUR / USD is trading around 1.1750 while GBP / USD rallied to 1.1730. Commodity currencies were the best performers, as gold jumped to $ 1,804 a troy ounce. Crude oil prices also regained ground, with the WTI approaching $ 65.40
The US FDA approved the Pfizer vaccine.
The macroeconomic calendar does not have much to offer this week, which may keep the major pairs within familiar ranges, ahead of the Jackson Hole Symposium and the words of the head of the US Federal Reserve, Jerome Powell.
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