This is what you need to know to trade today tuesday august 23:
The Dollar Index (DXY) supported the previous week’s gains and rose above 109.00 on Monday. The greenback is approaching the multi-year highs it set at 109.29 in July today, with the dollar remaining strong on safe-haven flows. US stock index futures are down 0.3%-0.5% in early morning trading in Europe. The release of preliminary manufacturing and services PMI surveys from Germany, the eurozone, the UK and the US are in the spotlight. The European Commission will publish consumer confidence data and July new home sales and the Richmond Fed manufacturing index will be published on the US economic docket.
The dollar’s recovery rebounded during US trading hours on Monday as Wall Street’s main indices opened in negative territory. Investors are increasingly concerned about a global recession and could be positioning themselves for hard-line comments at the Jackson Hole Symposium later this week, following last week’s Fed policymakers’ remarks.
Meanwhile, crude oil prices rebounded strongly on Monday with West Texas Intermediate closing modestly higher. The Saudi Energy Minister told Bloomberg that they may consider cutting output as futures and physical markets move further away from fundamentals.
On Monday, the EUR/USD closed below parity for the first time since late 2002 and extended its decline towards 0.9900 early on Tuesday.
The GBP/USD continues to push lower towards 1.1700 in European Tuesday morning and trades at its weakest level since March 2020.
The USD/JPY gained more than 50 points on Monday, but is struggling to gain more momentum today. The 10-year US Treasury bond yield fell back to the 3% zone, which did not allow the pair to gain traction.
ThePrayed fell to a fresh multi-week low of $1,727 on Monday, but managed a modest recovery before closing the day slightly below $1,740. Falling US bond yields help XAU/USD limit losses for now.
The Bitcoin it remains down early on Tuesday and drops towards $21,000. the ethereum It has already lost more than 3% on the day and is trading below $1,600.
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
