We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Bitcoin
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.02%, while traders in France 40 are at opposite extremes with 79.87%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/MsDN4XgJAR
  • What are the truths and myths of #forex trading? Find out from @DailyFX analysts here: https://t.co/uF75VPzstr https://t.co/soLloKxMYl
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Silver: 0.65% Gold: 0.51% Oil - US Crude: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/t2PxpO1HEm
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.16% 🇯🇵JPY: 0.13% 🇨🇦CAD: -0.02% 🇨🇭CHF: -0.06% 🇪🇺EUR: -0.06% 🇬🇧GBP: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/iI1uVqA6M3
  • Gold Price: Signals to Break the Deadlock - XAU/USD Forecast More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/xau-usd/2019/11/22/Gold-Price-Signal-to-Break-the-Deadlock-XAUUSD-Forecast-MK.html?CHID=9&QPID=917714 https://t.co/0pz8KRXUxG
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: US 500: 0.21% Wall Street: 0.19% France 40: 0.14% Germany 30: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/b315HhEW59
  • Crptos getting really ugly...Bitcoin trades with a 6-handle... #btc #eth #bch #xrp @DailyFX Latest prices from @IGcom https://t.co/aRrOWqrklw
  • LIVE NOW! Currency Strategist @PaulRobinsonFX runs through his favorite charts and potential set-ups for the week ahead in the FX and CFDs market here - https://www.dailyfx.com/webinars/108721147?CHID=9&QPID=917720
  • Crypto prices from @IGcom #btc #eth #bch #xrp @DailyFX https://t.co/ccioeMTbb3
  • Bitcoin slump - Happening a bit quicker than I thought...Will we see a 6 handle today? #btc #bitocin @DailyFX https://www.dailyfx.com/forex/market_alert/2019/11/22/Bitcoin-BTC-Price-Analysis-Oversold-But-Bearish-Sentiment-Remains-.html
US Dollar Whipsaws Around Fed Chair Powell's Jackson Hole Speech

US Dollar Whipsaws Around Fed Chair Powell's Jackson Hole Speech

2019-08-23 14:15:00
Christopher Vecchio, CFA, Sr. Currency Strategist
Share:

Jackson Hole Talking Points:

  • Fed Chair Jerome Powell’s speech behind closed doors at the Jackson Hole Economic Policy Symposium has neither surprised nor disappointed market participants.
  • In saying “we will act as appropriate to sustain the expansion,” Fed Chair Powell has more or less confirmed that markets are correct in anticipating another rate cut in September.
  • The US Dollar declined slightly after Fed Chair Powell’s remarks, with US equities rallying and gold prices falling back slightly.

See Q3’19 forecasts for the US Dollar, Euro, British Pound and more with the DailyFX Trading Guides

Federal Reserve Chair Jerome Powell's speech at the Jackson Hole Economic Policy Symposium can't be considered anything other than a 'dud.' The ballyhooed speech, on the heels of topsy turvy month in financial markets thanks to twists and turns in the US-China trade war, provided neither relief nor repression for market participants seeking clarity over the near-term rate cut path.

Saying the US economy faces "significant risks," Fed Chair Powell made clear that the FOMC will not be able to fully offset the impact of the US-China trade war, but will "act as appropriate to sustain the expansion."

Noting that "monetary policy has no rulebook" for trade, Fed Chair Powell clearly wanted to give the FOMC plenty of wriggle room - policy optionality, if you will - to adjust course in the event of unexpected developments in the US-China trade war.

The milquetoast speech was more or less in line with expectations ahead of time, as rates markets were only pricing in a 2% chance of a 50-bps rate cut at the September Fed meeting.

Read more: US Dollar Looks to Jackson Hole for Fed Rate Cut Clues - Central Bank Weekly

US Dollar (DXY Index) Technical Analysis: 1-minute Price Chart (August 23, 2019 Intraday) (Chart 1)

US Dollar Whipsaws Around Fed Chair Powell's Jackson Hole Speech

Following the release of Fed Chair Powell’s pre-scheduled remarks, the DXY Index initially gained ground from 98.32 to as high as 98.37 thereafter. However, at the time this report was written, the DXY Index was trading slightly lower, at 98.24. Needless to say, market participants are neither surprised nor disappointed with Fed Chair Powell – as was anticipated in the Jackson Hole preview.

Read more: Gold Prices Maintain Uptrend, Eye Continuation Effort Around Jackson Hole

FX TRADING RESOURCES

Whether you are a new or experienced trader, DailyFX has multiple resources available to help you: an indicator for monitoring trader sentiment; quarterly trading forecasts; analytical and educational webinars held daily; trading guides to help you improve trading performance, and even one for those who are new to FX trading.

--- Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him in the DailyFX Real Time News feed and Twitter at @CVecchioFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.