Dollar finds its footing; assets retreat ahead of Jerome Powell’s speech in Wyoming. The Greenback finally showed some strength yesterday, breaking its four-day losing streak which saw the DXY fall as far as 101 - a low for the year. The move followed the publication of the FOMC minutes for the July meeting, which revealed that a few members of the board were already prepared for a rate cut at the time. The report all but confirms a rate cut in September, the question shifting from “when” to “how much”. Futures markets are currently heavily pricing in a 25 basis point cut for the next meeting, scheduled for the 18th of September.
US jobs data have been a little temperamental over the past few months, indicating some fragility in the labour market that may have spooked the Fed into holding off a rate cut, despite solid progress on inflation. Jobless claims released yesterday however revealed figures well within expectations, further paving the way for monetary easing in the near future. The bigger problem appears to be a slow down in manufacturing, not just in the United States but globally. With the exception of the United Kingdom, manufacturing PMIs published on Thursday confirmed a sector thoroughly in contraction both in Europe and in the US.
Very little left on the economic calendar this week, with the exception of Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium this morning. The scope of the speech, and of the conference as a whole, extends far beyond the usual purview of the Fed. All the more reason to pay attention to it.
Cảnh báo rủi ro : Giao dịch các sản phẩm phái sinh và đòn bẩy có mức độ rủi ro cao.
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