Headlines:
Markets:
- AUD advances, USD and CHF lag during the day
- European stocks rise; S&P 500 futures up 0.5%
- The yield on the 10-year US Treasury note fell 1.4 basis points to 3.848%.
- Gold rises 0.6% to $2,498.53
- West Texas Intermediate crude rose 1.3% to $73.96.
- Bitcoin price rises 0.2% to $60,781
The session was quiet with little news on the market. All eyes are on Fed Chairman Powell’s appearance later in Jackson Hole, which is grabbing the attention of market players at the moment.
The US dollar is a bit sluggish today, after recovering slightly in yesterday’s trading. As the week goes on, it remains vulnerable to further declines across the board.
The USD/JPY pair was an active pair in Asia amid comments from Bank of Japan Governor Ueda at a parliamentary hearing. But the pair remained at the 145.60-10 level in European morning trade, now down just 0.1% at 146.05.
Additionally, the dollar is leaning towards the weaker side against higher beta currencies. GBP/USD is up 0.3% at 1.3125 and targeting 2023 highs while AUD/USD is up 0.4% at 0.6730 on the day.
This comes as stocks are in a more cheerful mood, after falling slightly in trading yesterday. S&P 500 futures rose 0.5% as investors’ concerns turned to relief ahead of Powell’s comments later.
If you’re visiting Sydney next week, come and say hello, as Eamonn and I will be attending the Finance Magnates Pacific Summit from 27th to 29th August. It’s free to attend and I’ll be giving a presentation on how to approach trading just like you would a sport. Have a great weekend everyone!
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