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There is a string of news today, including PMI and housing sales in the US. Yesterday was not an eventful day as the USD was flip flopping between gains and losses. Markets now wait for the Janet Yellen’s speech on Friday, 26th August. The big question course if she will join the other 2 FED members last week, calling for rate hikes sooner fairly than later. If that happens, then a lot volatility can be expected. 

Currencies: The EURUSD rose yesterday yet the 1.1350-1.1450 range proved an important resistance area and EUR/USD is likely to trade in a narrow range ahead of the Jackson Hole conference at the end of the week. Meanwhile, USDJPY is once again flirting along along with 100 level, a level which traders speculate that will attract the Japanese government to intervene and push the rate higher. The greenback had risen to almost 101.00 yen overnight following hawkish-sounding comments by Federal Reserve Vice Chair Stanley Fischer before it lost steam. Yet yet another big mover was the NZD which was up 0.6 %at $0.7308 after Reserve Bank of brand-brand-new Zealand Governor Graeme Wheeler said the current interest rate track involves further monetary easing but did not see the need for a rapid collection of rate cuts.

Stocks: DJIA closed down -23.15 pts, or -0.12% at 18529.42 but stays well inside last week’s range. Similarly, S&P 500 closed down mildly by -0.19 pts, or -0.01%. Asian markets follow lower along along with Nikkei down -0.2% at the time of writing.

Oil and Gold: Oil futures slump on Monday as investors cash in on a streak of gains that spanned seven sessions. Speculation that major oil producers will agree to stabilize oil output at a meeting late next month nourished a rally last week, but expectations for an agreement have actually actually faded and the market is fearing now the potential for higher production from Iraq and Nigeria. Crude oil slid $1.47, or 3%, to settle at $47.05 a barrel. That was the largest $1 and percentage decline since Aug. 1. Gold is stuck in a range, but it is expected that on Friday, it will be the most volatile pair.


The guide Bullet Report: GBP and EUR higher on Dollar weakness. Friday will make or Break USD appeared first on Forex.Info.

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