Trading Tentative Ahead Of Jackson Hole Central Bankers Meeting 24-8-2017

Dollar Pressured By Trump Comments On Government Shutdown. The dollar slid down as investors began to take seriously threats of Trump’s government shutdown over funding for a wall on the Mexican border. The dollar fell 0.55 percent to 108.96 yen, with the dollar index slipping 0.4 percent to 93.167.

Euro Gains On Positive Eurozone Data. The euro recouped some of its losses from the earlier trading session as traders kept their hopes up for tapering remarks in Draghi’s Jackson Hole speech. The upbeat survey was the latest sign of economic recovery in the single currency bloc, which may lead the European Central Bank to start scaling back its stimulus program. The euro was propped up by strong German and French PMI survey readings (both countries registering strong private-sector growth in August), although analysts warned its gains could be short-lived due to concerns about heavy one-sided bets. The euro rose 0.5 percent to $1.1818.

New Zealand Posts First July Trade Surplus Since 2012. The New Zealand Dollar appreciated against its major counterparts after July’s merchandise trade balance crossed the wires. New Zealand’s monthly trade surplus came in at 85m as opposed to a forecasted deficit of 200m.

British Pound Is Subject To A Negative Bias At Present. Sterling fell below $1.28 for the first time since late June. Concerns about Britain’s economic prospects and the Brexit process encouraged investors to push the pound lower.

Oil Steady On Falling Crude Inventories. Oil prices were little changed in early trade on Thursday, holding most of their gains from the previous session after another fall in U.S. crude inventories which is seen as a sign of a tighter market.

Gold Eases Ahead Of Central Bankers Meeting. Gold edged lower early Thursday, giving up some of its gains made after U.S. President Donald Trump’s threat of a government shutdown, while investors began to focus on a major central bankers’ conference in Jackson Hole.

Watch Out This Week For:

THURS., FRI., 24h: USD Jackson Hole Symposium

By MEG GROUP TEAM

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