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The GBP/USD pair is seen consolidating near the lower end of its weekly range, below the 1.3600 mark, during the Asian session. The downside, however, remains cushioned as traders look for more cues about the US Federal Reserve's interest rate path before placing fresh directional bets.
The EUR/USD pair edges higher to around 1.1655 during the early Asian session. A hawkish stance of the European Central Bank provides some support to the Euro against the US Dollar. Traders will closely monitor the Jackson Hole Symposium event later on Friday for fresh impetus.
Gold is making another run to retest 15-week highs of $4,697 early Thursday. Gold traders are taking advantage of an upbeat mood-led US Dollar (USD) retreat, looking past hot US core Personal Consumption Expenditures (PCE) Price Index data for July. Renewed USD weakness offers the much-needed boost to Gold, following Wednesday’s pullback from near the $4,675 neighbourhood.
The broader cryptocurrency market maintains a constructive tone, with Bitcoin (BTC) sustaining gains above $78,000 on Thursday. The US July Personal Consumption Expenditures (PCE) Price Index inflation came in higher than expected on Wednesday, suggesting that inflation remains elevated. SPX6900 (SPX) and VeChain (VET) recorded double-digit gains over the last 24 hours, emerging as top performers.
The South Korean Won trades higher against the US Dollar on Thursday, with USD/KRW falling 0.3% to near 1,380 during the Asian trading session. The pair revisits its 11-month low as back-to-back interest rate hikes by the Bank of Korea have strengthened the currency.
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.
