Yellen and Draghi speak at Jackson Hole Annual Symposium

August 25, 2017

Investors Wait for Jackson Hole Speeches.

Yellen and Draghi speak at Jackson Hole Annual Symposium

This article is originally referred from FXPrimus News

The last day of the week. Investors focus on the events happening at Jackson Hole Speeches.

Today’s Important Indicators

The roundup of the week will be very volatile as Fed’s Yellen is to speak about financial stability at 14:00 GMT.

Remarks of president Draghi will weigh in as he is also to speak about monetary policy at 19:00 GMT.

The session earlier will include the release of Core Durable Goods Orders and the German Ifo Business Climate release for U.S and Europe respectively.

Today’s Forecast for Important Trading Indicators

Market Movers

  • EURUSDEuro fails to hold above 1.180, remains marginally lower and in a tight range. Euro-Dollar maintained a price within the ascending triangle and currently trades close to the 38.2% Fibonacci level, at 1.1795. The pair experienced some fluctuations due to worst than expected US Home Sales and a better than expected Jobless Claims. Investors have a busy round-up for the week as data from EU, US and the two speeches from Yellen and Draghi are expected today.

EURUSD 1-HOUR CHART

  • GBPUSDThe British Pound hit a 2-Month low during the GDP release against Dollar, erasing losses. Sterling fell to its lowest level since June 27th during the release of the second estimate GDP but turned bullish within the hour as the figure remained unchanged. U.S data showed a decline in the number of people who filed for insurance and a depreciation of Existing Home Sales, creating some up and down moves on the pair. GBP/USD currently trades around 1.28 while vulnerability remains intact.
  • USDJPYDollar rises against Yen, breaking the 109.50 barrier, whilst Yen remains weak. Yen seemed to be the most vulnerable against Euro and the best under performer of all G10 currencies. Yesterday’s CPI figures remained as expected at 0.5% however the Services Producer Price Index came out 0.2% lower, a number that increased risk appetite, pushing the Dollar higher and creating a fresh high; (double top) near the most recent high.

USDJPY 1-HOUR CHART

  • USOILOil declines on concerns over hurricane Harvey as supplies may increase. Crude Oil fell nearly 2% yesterday on increased fears in the wake of Gulf hurricane. The black gold was pressured down to $47 per barrel after news came out however managed to retrace almost 50% of that ahead of the U.S rig count figures. Fears remain as refineries are expected to shut down operations.
  • XAU/USDGold remains flat ahead of Jackson Hole Conference, ears tuned for new information. Gold traded in a narrow range for another session despite reports from U.S as Yellen and Draghi are to speak directly to all members attending the symposium. Gold traders also wait for any developments on the debt ceiling situation which could “shut down” U.S government.
  • On US Indexes, DJ and S&P 500 declined 0.13% and 0.21% respectively.
  • In Europe, UK 100 appreciated 0.33% while DE 30 remained almost unchanged.
  • In Asia, Nikkei raised 0.51%, Hang Seng raise 1.05% and ASX 200 moved marginally higher, 0.09%.
  • In stocks, Alphabet declined 0.60% and Amazon -0.58%

Original Source: FXPrimus News

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