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Awaiting Jackson Hole and Powell

FOREX
  • A calmer trading session for FX and across other assets, with investors waiting to hear from Fed Powell at 10.00ET/15.00BST.
  • Most crosses have stayed within ranges.
  • USD saw some downside extension, a small continuation from the overnight session, but USD has faded some of the losses at the time of typing.
  • USD is up 0.12% against the SEK and down 0.24% versus the AUD.
  • We had a few questions regarding a sudden bid going through in the British Pound, which wasn't fix related.
  • It was unclear on the trigger, with no headline or new news seen crossing our screens.
  • The move seems to have been led by the leg lower in EURGBP, but price action has since reversed.
  • GBP is also mixed across G10.
  • Looking ahead, out the US, Wholesale Inventories and PCE deflator are the highlight, while Michigan will be final reading.
  • Although, these will likely be superseded by Powell.

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