Fed Chair Yellen will be speaking about “Financial Stability” this year at the Jackson Hole Symposium on Friday (August 25, 4:00 pm GMT). The ECB has confirmed that Draghi will be speaking also on Friday (August 25, 7:00 pm GMT).
Around the Gulf region, other Middle Eastern nations are rushing to raise capital on Equity Markets, following Saudi Arabia’s lead to publicly list Saudi Arabian Oil Co. Elsewhere, the British economy is at its weakest since the ‘nadir of the austerity years’ in 2010-12 and cannot be expected to grow in the ‘near future’, according to Economists at UBS.
Yesterday saw the Euro respond positively to Draghi’s speech. The Euro was also supported by strong German and French PMI Survey. While EURGBP was one of the top performers in the Forex Market Wednesday, GBPUSD continued to decline. USDCAD advanced, while USDJPY peaked to hit session highs before giving back all its gains to hit session lows.
The Euro continued to consolidate within narrow ranges early this morning during the Tokyo Session. USDJPY rebounded despite Trump’s threats of a government ‘shut-down’ and the NAFTA saga. AUDUSD came under renewed selling pressure during the Tokyo Session Thursday and while UK Data came in mostly unchanged, Investors’ attention remain on US and Japan Data later today.
Potential Catalysts Data Front
US Initial Jobless Claims (8:30 AM ET)
US Existing Home Sales (Jul) (10:00 AM ET)
Japan National Core CPI (YoY) (Jul) (7:30 PM ET)
Tokyo Core CPI (YoY) (Aug) (7:30 PM ET)