Yesterday, we saw a mild rebound along with the USD versus others major currencies. Overall the US dollar is moving in a range and all investors are awaiting the Fed Chairman Yellen’s speech tomorrow. While the Jackson Hole Economic Symposium, beginning today at 1400GMT, will certainly most likely dominate the headlines as a ‘who’s who’ of Global Central Bankers gather in Wyoming. Markets will certainly stay cautious ahead of the event. Today, German IFO Business climate will certainly release at GMT 08:00, durable goods orders and Unemployment claims will certainly release during US session later today.
Currencies: The USD rose versus a basket of major currencies ahead of a collecting of global central bankers tomorrow in Jackson Hole, Wyoming where the focus will certainly be on Friday’s keynote speech by Federal Reserve Chair Janet Yellen. The commodity-linked Canadian dollar weakened versus the USD on Wednesday as oil fell, despite the fact that losses for the currency were limited as investors are awaiting clues tomorrow on the U.S. interest rate outlook.
Stocks: The Dow Jones Industrial Standard declined 65.82 points, or 0.4%, to 18481.48 Wednesday. The S&P 500 fell 11.46 points, or 0.5%, to 2175.44 and the Nasdaq Composite dropped 42.38 points, or 0.8%, to 5217.69. The pullback in U.S. stocks comes a day after major stock indexes flirted along with all-time highs. The S&P 500 has actually hit brand-new records 11 times since early July.
Oil and Gold: Crude oil price resumed the descent after the weekly inventory data showed a 2.5 million barrels increase. Crude Oil prices are now testing support at $46.87. Gold rose slightly on Thursday after hitting a four-week reasonable in the previous session, along with the dollar losing strength ahead of a speech Yellen’s speech. Spot gold was up 0.2 percent at $1,326.22 an ounce.
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