It will be a quiet Asian and European session in terms of economic data on Thursday. However, later in the day, the US is expected to release the week
, where ECB President Lagarde and Fed Chair Powell will deliver speeches on Friday.The US Dollar had its weakest day since early August, as the DXY fell from its two-month highs around 104.00, dropping below 103.50. The correction of the US Dollar gained pace following the release of weaker-than-expected US PMI figures. On Thursday, the weekly Jobless Claims and Durable Goods Orders reports are due.
Market participants await Fed Chair Powell's speech on Friday at the Jackson Hole Symposium. His words could establish the framework for the upcoming months or reiterate previous messages. The next FOMC meeting is scheduled for September 19-20. According to the CME Fed Watch Tool, there is an 88% probability of a pause in interest rate hikes.pair found support at 1.0800 and rebounded from the 200-day Simple Moving Average towards 1.0860, driven by a weaker Greenback.
The Japanese yen had its best day in weeks against the US dollar, primarily driven by lower government bond yields. Weaker-than-expected PMI data reduced expectations of further tightening from the European Central Bank and the Bank of England. As a result, theThe Australian PMI data came in below expectations. However, the Australian dollar benefited from the change in market sentiment, leading to a rebound infrom 0.6410 to 0.6479, reaching the highest level in a week.
Retail sales in New Zealand experienced a decline of 1% in the second quarter, which was better than the consensus expectation of -2.6%. Despite this, thepair rose noticeably for the second consecutive day. However, it is still trading below the 0.6000 level. In Canada, retail sales increased by 0.1% in June. However, when excluding auto sales, there was an unexpected drop of 0.8%. Concurrently, the decline in crude oil prices weighed on the Canadian dollar, causing it to underperform compared to the AUD and NZD. Thepair reached its highest level since May, above 1.3600, but subsequently reversed sharply towards 1.3520. The pair appears poised to extend its bearish correction.
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