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Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
GBP/USD loses its traction and trades below 1.3650 after touching its highest level since February above 1.3670 on the back of upbeat UK PMI data. The US Dollar (USD) shows some resilience against its peers, supported by the encouraging PMI prints, and limits the pair's upside. Still, GBP/USD remains on track to end the second consecutive week in positive territory.
EUR/USD corrects lower and trades below 1.1700 following the bullish action seen in the European session despite the mixed PMI prints from Germany and the Eurozone. Meanwhile, the US Dollar holds its ground heading into the weekend after PMI surveys reaffirmed healthy business activity in private sector. Nevertheless, the pair remains on track to post strong weekly gains.
Gold extends gains on Friday, with bulls aiming for a retest of the $4,600 resistance area, the top of the last six months' trading range. Precious metals are gaining momentum, favoured by a sharp US Dollar selloff, following the announcement of a US Treasury plan to boost liquidity to repurchase long-term securities.
The cryptocurrency market remains bullish on Friday, led by Bitcoin’s surge above $77,000. Altcoins, including Ethereum and Ripple, mirror BTC’s positive outlook, trading near $2,400 and $1.35, respectively.
Kevin Warsh to make his Jackson Hole debut amid confusing messaging. But a major hawkish surprise unlikely after bond market intervention. Nvidia earnings to also determine market direction as stock rally cools.
The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.
