Wall Street was pressured again while markets continue to price in the possibility of a Fed hike in September.
The markets are continuing to act upon sentiment that the Federal Reserve could increase interest rates at least once this year and possibly as soon as September's FOMC meeting that is little than just three weeks away. The Dow industrials and S&P 500 finished lower for the month of August,and fell 53.42 points, or 0.3%, to close at 18,400.88 while oil fell again at a three week low with Chevron Corp. shares leading the decline in the Dow. The S&P 500 index closed down 5.18 points, or 0.2%, at 2,170.94, again with the energy and materials sectors dragging. The Nasdaq Composite index lost 9.77 points, or 0.2%, to close at 5,213.22, but a1% rise on the month. Markets now look ahead to the nonfarm payrolls as a key event for the month ahead of the FOMC after the recent Jackson Hole.
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EUR/USD hovers near 1.0700 ahead of US data
EUR/USD struggles to build on Wednesday's gains and fluctuates in a tight channel near 1.0700 on Thursday. The US Dollar holds its ground following the Fed-inspired decline as market focus shifts to mid-tier US data releases.
GBP/USD holds steady above 1.2500 following Wednesday's rebound
GBP/USD stays in a consolidation phase slightly above 1.2500 on Thursday after closing in the green on Wednesday. A mixed market mood caps the GBP/USD upside ahead of Unit Labor Costs and Jobless Claims data from the US.
Gold retreats to $2,300 despite falling US yields
Gold stays under bearish pressure and trades deep in negative territory at around $2,300 on Thursday. The benchmark 10-year US Treasury bond edges lower following the Fed's policy decisions but XAU/USD struggles to find a foothold.
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