Forex today: turmoil and more turmoil ahead of FOMC, Jackson Hole
|Here is what you need to know on Wednesday, August 21st:
- Markets remained relatively calm ahead of FOMC Minutes and the Jackson Hole Symposium, as several central banks’ heads are scheduled to speak.
- Italian political chaos steepened: PM Conte resigned, former counterpart Salvini said he won’t resign and may become the interior Minister. The League party later withdrew the no-confidence motion against Prime Minister Conte. EUR/USD held around 1.1100 at the end of the day, after touching a daily low of 1.1065.
- The Pound was the best performer against the greenback, amid a light of hope coming from the Brexit front. German Chancellor, Angela Merkel who said that they must think about “practical solutions,” when referring to the Irish backstop, somehow hinting the EU is willing to discuss an alternative, although she quickly added that the withdrawal agreement wouldn't be reopened. Hopes prevailed.
-Save-haven assets closed the day with gains, amid persistent turmoil, equities lost momentum and ended the day with losses in Europe and the US.
- Oil recovered modestly ahead of US stockpiles reports.
- Slow action also among the crypto sphere. Modest intraday gains for Bitcoin
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