The US Dollar turns south after snapping the recent selling spree on Thursday.
All eyes are on Fed’s Chair Jerome Powell, who is expected to deliver on market expectations for rate cuts at Jackson Hole.
The US Dollar index trades just above 101.00 and faces a substantial technical position on the weekly chart.
The US Dollar (USD) softens on Friday, trying to keep the gains it acquired on Thursday after economic data and Fed speakers provided a much-needed boost to the Greenback. Kansas City Fed Bank President Jeffrey Schmid said to be cautious about current market expectations of big rate cuts, and upbeat US Purchasing Managers Index (PMI) numbers showed a resilient Services sector. The end of the week will be driven by US Federal Reserve Chairman Jerome Powell’s speech at Jackson Hole. A lot has been written and debated on what Powell will say: markets are expecting him to open the door to rate cuts in September, but Powell might not commit to calling out when and how much the Fed will cut.
On the economic data front, it will all be around the Fed. Three other Fed members will be speaking on financial news outlets such as CNBC and Bloomberg television before and after Fed Powell’s speech in order to guide markets and tweak communication in case they see any market movements which could point to a misinterpretation by markets.
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