EUR/USD is expected to deliver a lackluster performance ahead of Fed Powell’s speech. Fed’s Powell is expected to follow the footprints of RBNZ’s Orr and may sound hawkish. The arrival of winter will impact the already vulnerable Europe energy market.
GBP/USD renews intraday low around 1.1810 sellers try to excel ahead of the key data/events during early Friday morning in Europe.
The USD/JPY pair has delivered an upside break of the consolidation formed in a narrow range of 136.40-136.56 in the Tokyo session. The asset has extended its gains after overstepping the immediate hurdle of 136.60 as investors are shifting back behind the US dollar index (DXY) ahead of the Jackson Hole Economic Symposium.
The AUD/USD pair has witnessed selling pressures after facing barricades around 0.6970 in the Asian session. The asset is expected to display more losses as the US dollar index (DXY) is expected to pick up significant bids ahead. Investors are expected to underpin the greenback further as odds of a hawkish commentary on interest rates from Federal Reserve (Fed) chair Jerome Powell are advancing firmly.
NZD/USD fades the upside momentum as it declines to 0.6215 after the Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr sounds cautious during his speech at the Jackson Hole on early Friday morning in Asia. Also exerting downside pressure on the Kiwi pair are the latest geopolitical headlines, as well as a cautious mood ahead of Fed Chair Jerome Powell’s speech at the aforementioned symposium event.
USD/CAD recovers from weekly low as traders await the key US inflation gauge and Fed Chair Jerome Powell’s speech at the Jackson Hole in early Friday. That said, the Loonie pair takes the bids to 1.2955 by the press time.
USD/CHF grinds higher around the monthly top, picking up bids to refresh the intraday high near 0.9635-40 during Friday’s Asian session. In doing so, the Swiss currency (CHF) pair portrays the market’s sluggish performance as traders await this week’s key data/events for fresh impulse.
Oil prices recovered on Friday, and were set to end the week higher as the prospect of production cuts by the OPEC+ offset concerns over an Iran-led supply glut.
Gold price (XAU/USD) bounces off intraday low as sellers retreat from $1,750 during early Friday morning in Europe. Even so, the yellow metal prints the first daily loss in three around the week’s high.
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