Dollar gains intact as China disappoints, traders eye Jackson Hole
SINGAPORE - The dollar began on a firm footing on Monday, following five straight weeks of gains, as investors looked ahead to the Federal Reserve's Jackson Hole symposium for a guide on where rates might settle when the dust of this hiking cycle clears.
China cut its one-year benchmark lending rate by 10 basis points and left its five-year rate unchanged, against economists' expectations for 15 bp cuts to both. "The Australian dollar will continue to underperform this week in our view," said strategists at the Commonwealth Bank of Australia in a note to clients.dips below $0.60 before year-end. It will likely take a big Chinese stimulus package focused on commodity-intensive infrastructure spending to turn around the downtrend."
Apart from waiting for news of stimulus in China, the upcoming Jackson Hole symposium - where Fed chair Jerome Powell is due to speak on Friday - is markets' major focus and may set the direction for U.S. yields.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Markets Week Ahead: Gold, US Dollar, Nasdaq 100, Treasury Yields, Jackson Hole, ChinaSurging Treasury yields pushed down gold prices as the US Dollar outperformed and equity markets wobbled. Ahead, all eyes are on the Fed’s Jackson Hole Symposium as markets continue watching economic developments out of China.
Read more »
Dollar gains intact as traders eye Jackson HoleThe dollar began on a firm footing on Monday, following five straight weeks of gains, as investors looked ahead to Federal Reserve's Jackson Hole symposium for a guide on where rates might settle when the dust of this hiking cycle clears.
Read more »
US Dollar Forecast: Will Fed Chair Powell Inject Further Momentum at Jackson Hole?The Dollar Index (DXY) continued its impressive run as risk-off sentiment, upbeat data and hawkish Fed minutes provided support. Will Jerome Powell inject further bullish momentum at Jackson Hole?
Read more »
Gold Price Forecast: XAU/USD appears bearish past $1,900, focus on PMI, Jackson HoleGold Price (XAU/USD) marks an unimpressive start of the trading week around $1,890, after declining in the last four consecutive weeks. In doing so, t
Read more »
USD/CAD consolidates above the 1.3500 area, Canadian Retail Sales, Jackson Hole eyedThe USD/CAD pair trades sideways above the 1.3500 mark after reaching the highest level since May during the early Asian session on Monday. The pair c
Read more »
USD/CNH bulls cross 7.3200 on PBoC action, cautious optimism ahead of Jackson Hole eventUSD/CNH takes the bids to refresh intraday high after the People’s Bank of China (PBoC) announced rate cuts early Monday. Adding strength to the offsh
Read more »