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USD Steadies Ahead of Powell's Jackson Hole Appearance

FOREX
  • Following Thursday's downtick, the greenback is firmer ahead of the NY crossover, with the single currency following suit. This week's spell of USD weakness has proved short-lived so far, keeping the USD uptrend in tact for now. 109.27 remains the recovery high and the first upside target. A break above here opens 109.294 and the best levels for the dollar since 2002.
  • Sentiment is steadier, although the e-mini S&P is in minor negative territory on the day. Nonetheless, stocks hold the bulk of the gains posted off the mid-week low, helping aid USD/JPY to briefly trade back above the Y137.00 handle.
  • In a minor reversal of Thursday's strength, NZD and AUD trade on the backfoot, although the AUD/USD recovery posted from the August low of $0.6856 remains largely intact for now. Progress through yesterday's $0.6991 opens the 100-dma above at $0.7028.
  • All eyes turn to the Jackson Hole Policy Symposium that officially began late yesterday. The headline event comes at 1500BST/1000ET, with Fed Chair Powell making his address. Markets will be on watch for any policy signals ahead of September's FOMC meeting, for which markets remain split over a 50 or a 75bps rate hike.
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