Today, the financial community is likely to lock its gaze at Fed Chair Powell’s speech at the Jackson Hole economic symposium, as they will be looking for updated hints as to how the Fed plans to move forward with interest rates. Yesterday, the pound skyrocketed, taking the first place among the G10 currencies, following comments by Germany’s Chancellor Angela Merkel, who noted that her 30-day remarks on Tuesday were not intended to set a deadline, rather to highlight urgency on finding a solution with regards to the Irish backstop.
INVESTORS LOCK GAZE ON POWELL’S SPEECH AT JACKSON HOLE
The dollar traded higher against all but two of the other G10 currencies on Thursday and during the Asian morning Friday. It notably underperformed against GBP, which surged again on Merkel’s remarks (see below), while it slid somewhat versus NZD. The greenback gained the most against SEK, NOK and CHF in that order.
Read the full financial markets daily report on JFD Research.