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FOREX: USD Index Pressing Fresh 2024 Lows, Fed Minutes/Jackson Hole on Radar

FOREX
  • In the aftermath of the messy US payrolls benchmark revision release and the small spike higher for the greenback, the USD index has resumed its weakening trend. As such, the DXY has now broken below the overnight lows of 101.31 and continues to press fresh 2024 lows. As mentioned, EUR and GBP continue to approach some interesting chart points and participants will be monitoring any build in momentum should the DXY start trading below the Dec 2023 lows of 100.62.
  • USDJPY’s bounce to 146.77 has entirely reversed and the pair is now closing in on session lows at 144.94. A notable short-term level on the downside resides at 144.29, the Aug 7 low. However, given the trend structure remains bearish, a continuation lower would refocus attention on key support at 141.70, the Aug 5 low. Clearance of this level would confirm a resumption of the bear trend.
  • Fed policy communications will be a key focus in the coming days, starting with the minutes of the July FOMC meeting (1400ET) which will be eyed for the degree of support on the Committee for a rate cut at the time. The main event though is the annual Jackson Hole Economic Policy Symposium (Aug 22-24), with the key event being Chair Powell's speech on Friday.
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