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Scandi Currencies Remain Within Range of Multi-Month Lows

FOREX
  • Most major pairs are respecting their recent ranges through the Thursday European morning, with EUR/USD, GBP/USD and USD/JPY all well within the Wednesday range.
  • US equity futures are diverging, with the NASDAQ-100 future outperforming notably on the back of the better-than-expected Nvidia earnings release. Their shares trade with gains of over 8% in pre-market trade, signaling a solid open for tech-oriented and high beta names at the Thursday opening bell.
  • With risk appetite and the trajectory of equities so key for currency market sentiment this week, markets will be watching stocks closely ahead of the speech from Fed's Powell tomorrow.
  • Scandi currencies sit weaker against all others in G10, keeping USD/SEK within range of yesterday's multi-month high posted at 11.0341. Similarly, USD/NOK remains within the multi-week uptrend off the July lows, with 10.7324 marking first resistance ahead of 10.7738.
  • Looking ahead, US weekly jobless claims and the prelim July durable goods data are the calendar highlights on top of speeches from Fed's Harker and Collins. The full Jackson Hole summit agenda is set to be released after the US market close, at 2000ET.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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