August 19, 2024 at 11:04AM
The thing about this week is that there won’t be as much key risk events on the calendar as last week. And that means market players will not have too much to work with for the time being. Fedspeak is the main thing to be mindful about, as traders digest the key US data from last week. And also considering that we have the Jackson Hole symposium coming up.
There is the FOMC meeting minutes on Wednesday. But in terms of the economic calendar, we’ll have to wait until Thursday for PMI data and also the US weekly jobless claims. So, traders might be left in a bit of a state of flux in the sessions ahead.
For today, the Japanese yen is a standout mover though as the Nikkei fell by 1.8%. USD/JPY dropped to a low of 145.18 earlier but is now trading roughly 100 pips above that again.
The pair is moving back to its recent consolidation range after the break back above 145.00 earlier this month. And the fall in bond yields is also weighing, as noted here.
As for the risk mood today, traders and investors are not finding much conviction. European indices are lightly changed with marginal gains at best. Meanwhile, US futures are still flat and not observing much movement since Asia trading earlier.
This article was written by Justin Low at www.forexlive.com.
