Here’s what you need to know on Friday, August 23:
The US Dollar Index (USD) is struggling to consolidate the recovery gains it posted on Thursday and is retreating towards the lower end of its weekly range. On the US economic docket, July new home sales data will be released on Friday. More importantly, Federal Reserve (Fed) Chairman Jerome Powell will deliver a keynote speech at the Jackson Hole Symposium at 14:00 GMT.
US Dollar PRICE This week
The table below shows the percentage change of the US Dollar (USD) against the major currencies this week. The US Dollar was the weakest currency against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.88% | -1.31% | -1.40% | -0.66% | -0.78% | -1.74% | -1.65% | |
| EUR | 0.88% | -0.51% | -0.47% | 0.22% | 0.00% | -1.03% | -0.80% | |
| GBP | 1.31% | 0.51% | -0.13% | 0.69% | 0.51% | -0.46% | -0.29% | |
| JPY | 1.40% | 0.47% | 0.13% | 0.68% | 0.59% | -0.23% | -0.39% | |
| CAD | 0.66% | -0.22% | -0.69% | -0.68% | -0.14% | -1.00% | -1.02% | |
| AUD | 0.78% | -0.00% | -0.51% | -0.59% | 0.14% | -0.88% | -0.81% | |
| NZD | 1.74% | 1.03% | 0.46% | 0.23% | 1.00% | 0.88% | 0.11% | |
| CHF | 1.65% | 0.80% | 0.29% | 0.39% | 1.02% | 0.81% | -0.11% |
The heatmap shows percentage changes of major currencies. The base currency is selected from the left column, while the quote currency is selected from the top row. For example, if you choose the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change shown in the chart will represent the USD (base)/JPY (quote).
The USD outperformed its rivals on Thursday as preliminary S&P Global PMI data for August showed that economic activity in the private sector continued to expand at a healthy pace. Meanwhile, the risk-off atmosphere, reflected in the sharp declines seen in the major Wall Street indices, provided an additional boost to the currency. After rising 0.4% on Thursday and snapping a four-day losing streak, the USD Index remains on the defensive and was last seen losing 0.2% on the day around 101.30. Meanwhile, US stock index futures are up between 0.3% and 0.55%, pointing to an improvement in risk sentiment in the European session.
Bank of Japan (BoJ) Governor Kazuo Ueda told the Japanese parliament on Friday that there is no change in its stance on tightening monetary easing if the economy and inflation continue to move in line with expectations. Ueda also said that they are not considering selling long-term Japanese government bonds as a tool to adjust interest rates. USD/JPY The stock market came under fresh downward pressure following Ueda’s remarks and was last seen trading around 145.50, where it was down 0.5% on the day. Earlier in the day, data from Japan showed the National Consumer Price Index rose 2.8% on an annualized basis in July, in line with the preliminary estimate.
EUR/USD lost more than 0.3% on Thursday but managed to hold above 1.1100. The pair is holding firm in early Friday trading near 1.1120.
GBP/USD closed flat on Thursday despite USD strength. The pair continues to stretch higher in the European morning and was last seen trading above 1.3100.
The gold extended its correction from the all-time high it reached earlier in the week and lost more than 1% on Thursday. XAU/USD is up in European morning trading on Friday but remains below $2,500.
Economic indicator
Fed member Powell’s speech
Jerome H. Powell assumed office as a member of the Board of Governors of the Federal Reserve System on May 25, 2012, to complete an unexpired term. On November 2, 2017, President Donald Trump nominated Powell to be the next chairman of the Federal Reserve.
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Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
