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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.
Following an initial drop to fresh six-day lows, GBP/USD now picks up some updside traction and trades in levels just shy of the 1.3600 barrier on Thursday. The generalised cautious tone among market participants continue to underpin the Greenback ahead of Friday’s data releases and the Fed Warsh’s speech.
EUR/USD now manages to regain some composure, trimming earlier losses and reclaiming the mid-1.1600s on Thursday. The pair’s pullback comes on the back of marginal gains in the US Dollar, as market participants now shift their attention to Friday’s NFP revision and the speech by Chair Warsh at the Jackson Hole Symposium.
Gold adds to Wednesday’s pullback, reaching new weekly lows around $4,570 per troy ounce on Thursday. The precious metal remains on the back foot despite the widespread caution and the lack of clear direction of the US Dollar.
Cryptocurrency prices are broadly edging higher on Thursday, led by Bitcoin’s uptick near $80,000. Altcoins mirror Bitcoin’s short-term bullish outlook, with Ethereum trading above $2,500 and Ripple hovering above its key $1.40 support.
The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.
Kevin Warsh is preparing to deliver his first Jackson Hole speech as Federal Reserve (Fed) Chair on Friday, and expectations extend well beyond whether interest rates will be raised or left unchanged in September.
