Increasing yields and stronger-than-anticipated results from GDP statistics and weekly labor market data helped the Greenback continue its upward trend, which was backed by the positive impact of these factors. The occurrence of these favorable events occurs just before the publication of significant PCE numbers on Friday.
Here’s the Latest Update for Friday, August 30
Although yields in the United States jumped across the board, the US Dollar Index (DXY) maintained to maintain its strength and continued its breakthrough of the significant 101.00 barrier. A number of economic indicators, including Personal Income, Personal Spending, the Chicago PMI, and the final Michigan Consumer Sentiment survey, will join the publication of inflation numbers that the PCE tracks on August 30. These figures will be the focus of attention.
The rebound of the dollar had an effect on the EUR/USD currency pair, which sent it down below the 1.1100 support level and to lows that had not been seen in some days. On August 30, Germany is going to disclose its Retail Sales statistics, and a report on the labor market will follow. Following the announcement of the unemployment rate and a speech by the European Central Bank’s af Jochnick, there are anticipations for the forthcoming inflation rate in the larger Euroland region.
After reaching its lowest point of the week, the GBP/USD pair was able to recover and decrease some of the losses it had sustained earlier in the week. In the end, the pair only had a modest decline on Thursday. Mortgage Approvals and Mortgage Lending are scheduled to be published on August 30, according to the publishing schedule.
Continuous advances were seen in the USD/JPY pair, which eventually reached its best levels in a number of days, which were somewhere around 145.50. It is possible to trace this upward trend to the strong performance of the United States dollar as well as the enhanced yields seen. On August 30, Japan will reveal the Unemployment Rate, as well as the Jobs/Applications Ratio and Tokyo inflation statistics. This event is part of Japan’s busy agenda. In addition, there are forthcoming statistics on the production of industrial goods, retail sales, and the beginning of housing construction.
A new high was reached for the AUD/USD pair, which had yet to be seen since the beginning of this year. The surge renewed pace and broke past the significant 0.6800 barrier. Please mark August 30 on your calendars, as we are anxiously anticipating the release of the numbers that pertain to Housing Credit and Retail Sales.
The price of crude oil increased as a result of concerns over supply from Libya, as well as positive data releases from the United States. This caused the West Texas Intermediate (WTI) to reach approximately $77.00 per barrel.
Despite the strength of the United States dollar and rising rates, the price of gold continued to cautiously and optimistically linger near its recent record-breaking highs, approaching the $2,500 per ounce level. Silver prices made a very slight comeback from the losses that occurred the day before and came very close to the range of $29.70.