Forex Today: Attention shifts to Fedspeak ahead of Jackson Hole

The continuation of the selling pressure remained unchanged around the Greenback in the context of further improvement in the appetite for the risk-associated universe, all ahead of the release of the FOMC Minutes and the speech by Chief Powell at Jackson Hole.

Here is what you need to know on Tuesday, August 20:

The USD Index (DXY) collapsed to multi-month lows near 101.80 on the back of the intense upbeat sentiment in the risk complex. On August 20, the Fed’s Bostic and Barr are due to speak, seconded by the API’s weekly report on US crude oil inventories.

EUR/USD advanced to new 2024 peaks near the 1.1100 mark in response to the steep decline in the Greenback. The final Inflation Rate in the euro area is expected on August 20, along with Germany’s Producer Prices.

GBP/USD maintained its recovery well in place and approached the key 1.3000 yardstick. Next on tap across the Channel will be Public Sector Net Borrowing figures due on August 21.

USD/JPY dropped to multi-day lows and revisited the low-145.00s following the sharp decline in the US Dollar and mixed yields. The Balance of Trade results will be the next data release noteworthy in Japan on August 21.

An auspicious start to the week saw AUD/USD climb to five-week highs around 0.6730. The RBA Minutes will be published on August 20.

Demand concerns stemming from China and increasing hopes surrounding ceasefire talks in the Middle East dragged prices of WTI to two-week lows near $73.50 per barrel.

Gold prices traded within a narrow range and stayed close to recent all-time highs around the $2,500 mark per ounce troy. Silver rose for the third straight day and surpassed the $29.00 level per ounce, or five-week tops.