Here is what you need to know on Thursday, August 31:
Major currency pair stay relatively quiet early Thursday following Wednesday's volatile action. Eurozone inflation figures will be watched closely by market participants later in the session before the European Central Bank (ECB) releases the Monetary Policy Meeting Accounts. In the second half of the day, the US economic docket will feature Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve’s preferred gauge of inflation, and the weekly Initial Jobless Claims data.
Eurozone Inflation Preview: ECB hawks unlikely to be pleased despite easing price pressures.
The US Bureau of Economic Analysis announced that it revised the annualized second-quarter Gross Domestic Product (GDP) growth down to 2.1% in its second estimate from 2.4% in the initial estimate. Additionally, ADP reported that employment in the private sector rose 177,000 in August, falling short of the market expectation for an increase of 195,000. The benchmark 10-year US Treasury bond yield declined toward 4% following these disappointing data releases and the USD struggled to find demand during the American trading hours. The US Dollar Index (DXY) closed the third straight day in negative territory. Although DXY holds steady above 103.00 in the European morning, it's down nearly 1% since the beginning of the week.
US Core PCE Inflation Preview: Federal Reserve preferred price indicator set to remain above target.
US Dollar price today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the weakest against the Japanese Yen.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | 0.24% | 0.02% | 0.06% | 0.01% | -0.10% | 0.00% | 0.16% | |
| EUR | -0.24% | -0.18% | -0.17% | -0.23% | -0.34% | -0.22% | -0.07% | |
| GBP | -0.05% | 0.17% | 0.01% | -0.07% | -0.16% | -0.04% | 0.09% | |
| CAD | -0.06% | 0.16% | -0.04% | -0.05% | -0.17% | -0.06% | 0.10% | |
| AUD | 0.02% | 0.22% | 0.08% | 0.06% | -0.08% | 0.03% | 0.15% | |
| JPY | 0.11% | 0.34% | 0.12% | 0.15% | 0.12% | 0.12% | 0.26% | |
| NZD | 0.01% | 0.25% | 0.04% | 0.03% | 0.00% | -0.11% | 0.15% | |
| CHF | -0.17% | 0.06% | -0.12% | -0.11% | -0.16% | -0.27% | -0.16% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
NBS Manufacturing PMI edged higher to 49.7 in August and Non-Manufacturing PMI retreated to 51, the data from China showed in the Asian session. In the meantime, New Zealand's ANZ Activity Outlook Index jumped to 11.2% in August from 0.8% in July, while the ANZ Business Confidence Index came in at -3.7, missing the market expectation of -1.9. NZD/USD struggled to make a decisive following these data releases and was last seen trading sideways at around 0.5950.
EUR/USD touched its highest level in two weeks near 1.0950 on Wednesday before going into a consolidation phase slightly above 1.0900 early Thursday.
GBP/USD registered gains for the third straight day on Wednesday but lost its bullish momentum in the European morning on Thursday. At the time of press, the pair was trading in negative territory at around 1.2700.
Following Tuesday's slide, USD/JPY recovered modestly on Wednesday. The pair was last seen fluctuating in a tight channel at around 146.00.
Gold price benefited from falling US yields on Wednesday and touched its highest level in a month near $1,950. In the early European session, XAU/USD consolidates its weekly gains near mid-$1,940s.
Bitcoin staged a downward correction following Tuesday's impressive rally and lost more than 1% on Wednesday. In the European morning, BTC/USD stays calm near $27,200. Ethereum moves sideways at around $1,700 after losing 1.4% on Wednesday.
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
EUR/USD extends recovery beyond 1.0400 amid Wall Street's turnaround
EUR/USD extends its recovery beyond 1.0400, helped by the better performance of Wall Street and softer-than-anticipated United States PCE inflation. Profit-taking ahead of the winter holidays also takes its toll.
GBP/USD nears 1.2600 on renewed USD weakness
GBP/USD extends its rebound from multi-month lows and approaches 1.2600. The US Dollar stays on the back foot after softer-than-expected PCE inflation data, helping the pair edge higher. Nevertheless, GBP/USD remains on track to end the week in negative territory.
Gold rises above $2,620 as US yields edge lower
Gold extends its daily rebound and trades above $2,620 on Friday. The benchmark 10-year US Treasury bond yield declines toward 4.5% following the PCE inflation data for November, helping XAU/USD stretch higher in the American session.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Bank of England stays on hold, but a dovish front is building
Bank of England rates were maintained at 4.75% today, in line with expectations. However, the 6-3 vote split sent a moderately dovish signal to markets, prompting some dovish repricing and a weaker pound. We remain more dovish than market pricing for 2025.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.