The Greenback regained the smile on Wednesday and advanced to weekly tops vs. its main rivals as investors seek further clues regarding the potential Fed’s rate path ahead of key economic data releases.
Here is what you need to know on Thursday, August 29:
The US Dollar Index (DXY) regained the 101.00 barrier and above despite mixed US yields across the curve. Another estimate of US Q2 GDP Growth Rate is due on August 29, followed by usual weekly Initial Jobless Claims, Pending Home Sales, and the speech by the Fed’s Bostic.
EUR/USD came under marked downside pressure and disputed the 1.1100 region following the strong rebound in the US Dollar. On August 29, the preliminary Inflation Rate in Germany takes centre stage, ahead of EMU’s Consumer Confidence, Economic Sentiment, and Industrial Sentiment. In addition, the ECB’s Schnabel is due to speak.
GBP/USD receded from recent yearly peaks and broke below the 1.3200 support, challenging weekly lows. The annualized Car Production results are only expected on August 29.
USD/JPY tested waters above the 145.00 barrier in response to the strong bounce in the Greenback and mixed yields. The usual weekly Foreign Bond Investment figures are due on August 29.
AUD/USD could not extend its breakout of the 0.6800 hurdle, eventually succumbing to the Dollar’s uptick. The next data release on the Australian docket will be Housing Credit readings, as well as Retail Sales, both coming on August 30.
Demand concerns in China and the stronger Dollar offset supply worries and a mild bullish report from the EIA, all dragging WTI prices to weekly lows below the $74.00 mark per barrel.
Gold prices came under pressure and deflated to weekly lows in the sub-$2,500 region per ounce troy. Silver sold off and confronted the $29.00 mark per ounce, a region coincident with the interim 55-day and 100-day SMAs.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD: Rebound remains capped near 0.6800 after dismal Aussie Capex data.
AUD/USD has stalled its recovery momentum just shy of the 0.6800 level in Asian trading on Thursday, with the Aussie hit by the unexpected slide in the Australian Q2 Private Capex data. Further, broad risk-aversion also acts as a headwind for the pair ahead of key US data.
USD/JPY recaptures 144.50 on renewed upside, US data eyed
USD/JPY has picked up fresh bids to regain 144.50 in the Asian session on Thursday. The pair turns positive even as risk sentiment remains sour following Nvidia's earnings report. The US Dollar also remains on the backfoot ahead of top-tier US economic data.
Gold price gains ground as traders await US GDP data
Gold price recovers some lost ground on Thursday after bouncing off the weekly lows in the sub-$2,500 region per ounce troy. The expectation of US interest rate cuts might lift the Gold demand as lower interest rates reduce the opportunity cost of holding non-yielding gold.
TON rallies following Telegram CEO Pavel Durov's release from custody
Pavel Durov, Telegram's founder, was released on Wednesday from French custody after four days. The release was on several terms, including that Durov does not leave the country.
Three fundamentals for the week: Focus on the fragility of the US economy Premium
US Consumer confidence data will provide a gauge of how consumers are feeling. Jobless claims are in focus after Fed Chair Powell's dovish speech. Investors will look to the core PCE index to confirm that inflation is falling.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.