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BBDXY Falls Ahead Of Jackson Hole, Asia FX Supported By CB Decisions

USD

The USD has fallen to its lowest level since March, with the BBDXY down 0.25%, as market participants anticipate dovish signals from Fed Chair Jerome Powell at the upcoming Jackson Hole symposium this week.

  • The USD/JPY has declined, erasing all gains made following strong jobs data released on Thursday. The pair is now trading 0.55% lower at 146.85.
  • Outside the JPY the AUD and NZD are the best-performing currencies to start the week, each up approximately 0.30%.
  • EM Asian currencies have surged today ahead of key central bank meetings in the region. The move higher reflects market expectations that Powell will signal rate cuts during his speech on Friday, while Asian central banks are expected to maintain current rates. The THB is up 1.60% ahead of the BOT's rate decision on Wednesday, and the KRW has gained 1.10% ahead of the BOK meeting on Thursday, where rates are likely to be held steady following stronger-than-expected CPI data and a robust housing market. Meanwhile, BI is expected to maintain rates in order to continue the support for IDR, which is up 0.60% today and 3.85% for the month.
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