• The US Dollar trades on the back foot, weakening against most major peers, as traders focus on key US data. 
• Markets cramped on Wednesday on the back of a miss in estimates for Nvidia earnings, benefiting the Dollar.
• The US Dollar Index popped above 101.00, but is unable to hold this level.

The US Dollar (USD) trades broadly unchanged on Thursday, easing somewhat against most of its peers, failing to extend Wednesday’s gains. The USD faces two days of a busy US economic calendar, with some data having the potential to be market-moving. Expect to see volatile moves unfolding as markets constantly flip-flop between bets of a 25-basis-point or a 50-basis-point interest-rate cut in September, depending on how incoming economic data plays out. Federal Reserve (Fed) Jerome Powell didn’t commit to any rate-cut size or forward guidance in his speech at Jackson Hole, so markets will have plenty of variables to speculate with. 

On the US economic calendar front, a rough patch in terms of volatility will be offered this Thursday. Besides the weekly Jobless Claims, the second reading of the US Gross Domestic Product (GDP) will be released for the second quarter. The Personal Consumption Expenditure (PCE) number under that GDP umbrella will get a lot of attention ahead of the monthly PCE numbers on Friday.