Here’s what you need to know on Thursday, August 27:
Market participants maintained a cautious mood throughout the day, adopting a wait-and-see attitude to the head of the US Federal Reserve. Powell speech at the Jackson Hole Symposium this Thursday. Discussions in the market suggest that it is likely to put in place a new monetary policy framework based on average inflation targeting (ACI).
The dollar was generally weak against its main rivals, despite good durable goods order numbers. However, the pairs remained in their lower ranges. EUR / USD closed little for a third day in a row, standing within the range set last Friday.
GBP / USD stabilized at around 1.3200, ignoring Brexit related news. The EU’s chief negotiator has set a final date for a trade deal between the UK and the EU. “If we want to ensure that a new treaty is ratified in a secure manner before the end of the year, we have to have an agreement before October 31st,Barnier said.
Commodity-linked currencies were among the best performers, posting substantial gains against the greenback. Crude oil prices edged up for the day, but gold recovered well during US trading hours, ending the day above $ 1,950 per troy ounce.
Cryptocurrencies have gained ground, but remain far from weekly highs.