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AUD/USD holds below 0.6800 as markets digest Powell’s Jackson Hole speech
The AUD/USD pair trades on a weaker note around 0.6790 during the early Asian session on Monday. However, the US Dollar is likely to remain under pressure after US Federal Reserve Chairman Jerome Powell’s dovish Jackson Hole speech. The US Durable Goods Orders for July are due later on Monday.
EUR/USD: Further advances appear in the pipeline
Another solid weekly performance saw EUR/USD clinch its fourth consecutive week of gains, including a new 2024 peak in the 1.1180–1.1185 band. The strong move higher in the pair came in response to the heightened downward bias hitting the US Dollar.
UPCOMING CALENDAR EVENTS
Editors’ Picks
Gold extends upside above $2,500 as Fed hints at September rate cut
Gold price holds positive near $2,515 an ounce during the early Asian session on Monday amid the weaker US Dollar and dovish comments from the Federal Reserve. The uptick of the yellow metal is bolstered by the speech by Fed Chair Jerome Powell, signalling that time has come for interest rate cuts starting this September.
SUI, OP, ZETA lead $160 million crypto token unlocks this week
The crypto market will witness another round of heavy token unlocks this week, with $164.2 million of cliff unlocks entering into the circulating supply of several top altcoins, per crypto intelligence firm Token Unlocks.
Week ahead: PCE inflation eyed as Fed lays groundwork for September cut
Focus to stay on the Fed as PCE inflation to be week’s main highlight. Eurozone inflation data to be crucial for ECB rate cut hopes. Australian and Tokyo CPI, plus Canadian GDP also on the agenda.