The loss of impetus in the risk-associated universe allowed the US Dollar to rebound from Wednesday’s 2024 peaks on Thursday, helped by the equally decent bounce in US yields, all prior to the speech by Fed’s Powell at Jackson Hole.
Here is what you need to know on Friday, August 23:
After bottoming out in the sub-101.00 region on Wednesday, the USD Index (DXY) regained some balance and revisited the 101.60-101.65 band on Thursday. Chief Powell’s speech at the Jackson Hole Symposium will take centre stage on August 23, seconded by New Home Sales.
The move higher in the Greenback prompted EUR/USD to give away part of its recent gains to level north of the 1.1100 mark. On August 23, the ECB will release its Consumer Inflation Expectations survey.
GBP/USD was the exception among its risky peers, managing to maintain a bullish bias for the sixth consecutive day and hitting a new YTD peak around 1.3130. The Consumer Confidence tracked by GfK is due on August 23, followed by the speech by the BoE’s A. Bailey.
USD/JPY rose markedly on the back of the robust bounce in the dollar and higher US yields. The BoJ’s K. Ueda will testify before Parliament on August 23, ahead of the Inflation Rate.
The sharp rebound in the dollar hurt AUD/USD and motivated it to add to Wednesday’s losses and challenge the 0.6700 neighbourhood. The next key event in Oz will be the RBA’s Monthly CPI Indicator on August 28.
Prices of WTI set aside usual demand concerns from China and focused on the prospects of interest rate cuts by the Fed, sparking a marked rebound beyond the $73.00 mark per barrel.
Prices of Gold broke below the $2,500 mark per ounce troy in response to the strong pick-up in the dollar and higher US yields. Same path followed its cousin Silver, which retreated to three-day lows in the sub-$29.00 zone per ounce.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks

Gold retreats from record highs at $3,220 ahead of US data
Gold price is retreating from fresh all-time highs of $3,220 in early Europe on Friday. The US Dollar downward spiral and escalating trade war between the United States and China continue to underpin the safe-haven appeal of Gold price. US PPI inflation data and tariff updates remain on tap.

EUR/USD consolidates weekly gains near 1.1250 ahead of Lagarde's speech
EUR/USD is consolidating the uptick to three-year highs of 1.1385 in Friday's European session. The pait stays supported amid easing US-EU trade tensions and broad US Dollar weakness. Tarff talks will be closely eyed alongside Lagarde's speech and US data.

GBP/USD holds gains near 1.3000 after UK data
GBP/USD is paring back gains to near 1.3000 in Friday’s early European session. The pair stays firm as the US Dollar loses ground amid lingering concerns over US economic growth and US-China trade war. Upbeat UK economic data fail to impress the Pound Sterling.

Bitcoin, Ethereum and Ripple show weakness while XRP stabilizes
Bitcoin and Ethereum prices are hovering around $80,000 and $1,500 on Friday after facing rejection from their respective key levels, indicating signs of weakness. Meanwhile, Ripple broke and found support around its critical level; maintenance suggests a recovery on the cards.

Trump’s tariff pause sparks rally – What comes next?
Markets staged a dramatic reversal Wednesday, led by a 12% surge in the Nasdaq and strong gains across major indices, following President Trump’s unexpected decision to pause tariff escalation for non-retaliating trade partners.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.