Forex Today: All eyes on Jackson Hole
|Here is what you need to know on Thursday, August 27:
Market players maintained a cautious mood throughout the day, taking a wait-and-see stance ahead of US Federal Reserve chief’s Powell speech in the Jackson Hole Symposium this Thursday. Market talks suggest that he is likely to stage a new monetary policy framework based around average inflation targeting (AIT).
The dollar was generally weak against its major rivals, despite upbeat Durable Goods Orders numbers. However, pairs remained within their latest ranges. The EUR/USD pair closed little changed for a third consecutive day, holding inside the range defined last Friday.
GBP/USD settled around 1.3200, ignoring Brexit-related news. EU´s chief negotiator set a final date for a UK-EU trade deal. "If we are to ensure the ratification of a new treaty in a secure way before the end of the year, we need to have an agreement by around October 31,” Barnier said.
Commodity-linked currencies were among the best performer, posting substantial gains against the greenback. Crude oil prices were modestly up for the day, but gold got to recover nicely during US trading hours, finishing the day above $1,950 a troy ounce.
Cryptocurrencies recovered some ground, but remain far from weekly highs.
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