MNI BRIEF: Trump Likely To Let Powell Serve Full Term-Moore

MNI BRIEF: Canada Household Debt Tops $3 Trillion In 3Q

MNI BRIEF: Trump Likely To Allow Powell To Serve Term - Moore

MNI INTERVIEW2: Poland To Push For EU Defence Fund

MNI BRIEF: China To Keep Stabilising Housing Market - CEWC

MNI BRIEF: China Focus On Boosting Consumption In 2025

EZ/UK Bond Supply Calendar: Belgium ORI Facility on Friday

US EIA:NAT GAS STORAGE -190 BCF TO 3,747 BCF DEC 06 WK

MNI: US JOBLESS CLAIMS +17K TO 242K IN DEC 07 WK

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

AUD Outperforms As Equities Edge Higher

FOREX
  • Growth proxy currencies have outperformed on Thursday, with AUD/USD (+1.01%) holding onto the majority of overnight gains, narrowing the gap with $0.70. A break above this mark opens initial firm resistance at 0.7040, the Aug 16 high where a break is required to ease the current bearish pressure.
  • The greenback trades generally weaker putting the USD Index further off the recovery high printed earlier this week at 109.27, but pullbacks are expected to remain shallow ahead of the Jackson Hole Policy Symposium which has formally kicked off with Fed officials giving interviews throughout he US session. Markets watch for confirmation of the full agenda, with a speech from Fed's Powell the focus on Friday.
  • NZD (+0.61%) is gaining in sympathy with the AUD, while EUR rallies continue to meet stiff supply, explaining the pair being unchanged on Thursday. Energy costs continue to add to the stagflation narrative, with 2023 power costs across Germany rising to new record highs ahead of the NY open.
  • Elsewhere, the greenback weakness has been broad based and the likes of JPY, GBP, CAD, CHF and CNH have all posted modest gains ahead of tomorrow’s main event. Overall, price action has been expectedly subdued.
  • Aside from Powell, potential comments from RBNZ Governor Orr who is due to speak in an interview conducted by Bloomberg TV at Jackson Hole overnight. Although data will likely take a back seat tomorrow, we have US Core PCE Price Index, personal spending and UniMich consumer sentiment on the docket.
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.