Here is what you need to know on Thursday, August 24:
Risk flows continue to drive the action in financial markets early Thursday and the US Dollar Index consolidates Wednesday's losses near 103.50. July Durable Goods Orders and weekly Initial Jobless Claims data from the US will be looked upon for fresh impetus in the early American session. The annual Jackson Hole Symposium will also get underway later in the day. Although there are no scheduled speeches at the event on Thursday, central bank officials could give interviews on the sidelines.
Disappointing PMI data releases from the EU, the UK and the US caused global bond yields to turn south on Wednesday. The benchmark 10-year US Treasury bond yield declined 3% and weighed on the USD. Meanwhile, Wall Street's main indexes rallied after the opening bell midweek, led by strong gains in technology shares. At the time of press, Nasdaq Futures were up more than 1% on the day, suggesting that the rally in tech shares are likely to continue.
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 Swiss Franc.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -0.07% | -0.01% | -0.06% | 0.06% | 0.28% | 0.13% | -0.14% | |
| EUR | 0.03% | 0.03% | -0.02% | 0.10% | 0.32% | 0.20% | -0.10% | |
| GBP | 0.01% | -0.06% | -0.04% | 0.05% | 0.29% | 0.19% | -0.15% | |
| CAD | 0.04% | 0.01% | 0.04% | 0.14% | 0.32% | 0.22% | -0.08% | |
| AUD | -0.05% | -0.10% | -0.05% | -0.10% | 0.24% | 0.13% | -0.16% | |
| JPY | -0.27% | -0.33% | -0.30% | -0.33% | -0.20% | -0.12% | -0.43% | |
| NZD | -0.16% | -0.21% | -0.17% | -0.24% | -0.10% | 0.14% | -0.31% | |
| CHF | 0.13% | 0.05% | 0.12% | 0.06% | 0.20% | 0.41% | 0.30% |
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).
EUR/USD dropped to its weakest level in over two months near 1.0800 in the European session on Wednesday but managed to stage a rebound later in the day amid renewed USD weakness. The pair holds steady slightly above 1.0850 early Thursday.
GBP/USD came under heavy bearish pressure following the dismal PMI reading and fell toward 1.2600 on Wednesday. Similarly to EUR/USD, the pair erased its losses later in the day. In the European morning, GBP/USD fluctuates in a tight channel above 1.2700.
Following Wednesday's sharp decline, USD/JPY gathered recovery momentum and climbed above 145.00 early Thursday.
Gold price benefited from retreating global yields and registered its biggest one-day gain in a month on Wednesday. XAU/USD holds its ground early Monday and trades in positive territory near $1,920.
Bitcoin gained more than 1% on Wednesday, supported by risk flows. BTC/USD, however, finds it difficult to extend its recovery and trades near $26,500 in the European session. Ethereum rose nearly 3% on Wednesday but lost its traction before testing $1,700.
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 stays near 1.0400 in thin holiday trading
EUR/USD trades with mild losses near 1.0400 on Tuesday. The expectation that the US Federal Reserve will deliver fewer rate cuts in 2025 provides some support for the US Dollar. Trading volumes are likely to remain low heading into the Christmas break.
GBP/USD struggles to find direction, holds steady near 1.2550
GBP/USD consolidates in a range at around 1.2550 on Tuesday after closing in negative territory on Monday. The US Dollar preserves its strength and makes it difficult for the pair to gain traction as trading conditions thin out on Christmas Eve.
Gold holds above $2,600, bulls non-committed on hawkish Fed outlook
Gold trades in a narrow channel above $2,600 on Tuesday, albeit lacking strong follow-through buying. Geopolitical tensions and trade war fears lend support to the safe-haven XAU/USD, while the Fed’s hawkish shift acts as a tailwind for the USD and caps the precious metal.
IRS says crypto staking should be taxed in response to lawsuit
In a filing on Monday, the US International Revenue Service stated that the rewards gotten from staking cryptocurrencies should be taxed, responding to a lawsuit from couple Joshua and Jessica Jarrett.
2025 outlook: What is next for developed economies and currencies?
As the door closes in 2024, and while the year feels like it has passed in the blink of an eye, a lot has happened. If I had to summarise it all in four words, it would be: ‘a year of surprises’.
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.