Weekly Fundamental Forecast: Dollar Sheds Gains During Jackson Hole, Political Risks Fight Summer Lull
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The US Dollar shed windfall gains scored on the back of haven demand amid turmoil in emerging market assets.
The past week’s calendar did little to influence the Euro, and the coming week stands a small chance of leaving an impact on price action – including the preliminary August Eurozone CPI report.
The British Pound finally found a bit of strength this week, but sellers quickly began to show on Thursday and Friday; bringing question to near-term direction in GBP. Can long-term support continue to bring bulls into the mix?
USD/JPY appears to be on track to test the monthly-high (112.15) as the exchange rate initiates a bullish sequence off of the August lo (109.77).
The Australian Dollar may be rid of the uncertainty at the top of domestic politics, but the bulls still have plenty of work to do.
A big week in crude saw a massive drawdown in US oil stocks signaling high demand, while high prices may have lessened the need for a Saudi Aramco IPO.
Gold prices are up nearly 2% after rebounding off key support- is a low in place? These are the targets & invalidation levels that matter heading into next week.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.