Forex Today: US Dollar firms ahead of Jackson Hole
Here is what you need to know for Thursday, August 27:
The US Dollar (USD) firmed on Wednesday, with the US Dollar Index (DXY) climbing toward 99.20 as traders squared positions ahead of the Jackson Hole Symposium.
Risk sentiment improved on reports of a US-Iran ceasefire that would reopen the Strait of Hormuz, which sapped demand for Gold as the US Dollar advanced. The Australian Dollar was the notable exception among the majors, clinging to gains after this week's hotter-than-expected inflation data.
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.19% | 0.40% | 0.11% | 0.25% | -0.13% | 0.55% | 0.47% | |
| EUR | -0.19% | 0.22% | -0.06% | 0.11% | -0.31% | 0.37% | 0.29% | |
| GBP | -0.40% | -0.22% | -0.28% | -0.13% | -0.53% | 0.16% | 0.07% | |
| JPY | -0.11% | 0.06% | 0.28% | 0.13% | -0.25% | 0.44% | 0.34% | |
| CAD | -0.25% | -0.11% | 0.13% | -0.13% | -0.38% | 0.32% | 0.21% | |
| AUD | 0.13% | 0.31% | 0.53% | 0.25% | 0.38% | 0.71% | 0.59% | |
| NZD | -0.55% | -0.37% | -0.16% | -0.44% | -0.32% | -0.71% | -0.10% | |
| CHF | -0.47% | -0.29% | -0.07% | -0.34% | -0.21% | -0.59% | 0.10% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
EUR/USD gave back ground, drifting toward the mid-1.1600s as the firmer Greenback and caution ahead of the European Central Bank (ECB) accounts weighed.
GBP/USD bore the brunt of the move, sliding back below the 1.3600 mark.
USD/JPY held firm north of the 159.00 barrier, edging higher ahead of the Tokyo inflation figures.
AUD/USD bucked the trend, holding modest gains in the low-0.7100s after the week's hot Australian inflation.
Gold has lost its grip, sliding back to trade near $4,600 per troy ounce as easing Gulf tensions and a stronger US Dollar sapped safe-haven demand.
West Texas Intermediate (WTI) Oil pushed higher, firming past $82.00 per barrel.
The Asian session opens with Australia's second-quarter Private Capital Expenditure, seen stalling after a strong prior reading, a release that could sway the Aussie following its inflation-driven gains. The main event in Europe is the European Central Bank (ECB) Monetary Policy Meeting Accounts, which traders will scour for guidance on the path for rates. Germany's GfK Consumer Confidence Survey is also due.
In the US, Initial Jobless Claims are expected to tick up slightly to around 208K, alongside Canada's second-quarter Current Account. The Jackson Hole Symposium looms over the session, where the keynote central bank address from Fed Chair Kevin Warsh is the week's main risk event for the US Dollar.
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