23.08.2019: USD remains flat ahead of Powell's speech (USDX, JPY, AUD)
At the Asian session, the greenback gained ground against the yen and the euro. Traders are following news on the annual symposium in Jackson Hole.
Since the last Fed’s meeting, the demand for the US dollar remained quite high, especially after Powell’s words on a one-time rate cut in July. However, now, traders remain cautious sitting on the sidelines. Additionally, the FOMC minutes and Fed officials’ speeches did not provide clues about the possible key rate cut. Thus, market participants are awaiting Jerome Powell’s speech for more hints.
During the Asian session, the US dollar exhibited strength against its major rivals, rising by 0.18%. The WSJ Dollar Index, which tracks the greenback against a basket of 16 currencies, climbed 0.1%. Nevertheless, the US dollar’s trajectory will depend on Powell’s rhetoric.
The dollar/yen pair is hesitating to follow a clear direction. However, both currencies may decline amid weak macroeconomic background, released on Thursday. Today, the pair’s quotes are locating at the level of 106.65. Traders are thinking over statistics on Japan's consumer price inflation. The annual inflation rate slowed in July from 0.7% to 0.5%.
The Australian dollar resumed its downward trend after a short lull. The AUD/USD pair went below the 0.68 level. Investors were disappointed by the data on Australia's PMI. At the Asian session, the AUD/USD pair was trading at 0.6754.
Donald Trump has renewed his attacks against the Fed ahead of Jerome Powell’s speech. Trump once again urged the central bank to cut its key rate more aggressively. Traders can only guess what the Fed is planning to do.
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