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Hello everyone, today XM Forex will bring you "[XM Forex Market Analysis]: Powell continued his rise in the US dollar before Jackson Hall delivered his speech." Hope it will be helpful to you! The original content is as follows:
On August 20, the US dollar (USD) remained flexible against other currencies earlier on Friday. Later in the U.S. session, Fed Chairman Jerome Powell will deliver a speech entitled “Economic Outlook and Framework Review” at the annual Jackson Hall Economic Policy Seminar hosted by the Kansas City Fed.
In the second half of Thursday, the initial value of the S&P Global Purchasing Managers Index (PMI) in August showed that the expansion of private sector economic activity was faster than expected, and the US dollar strengthened in the second half of the day. The manufacturing purchasing managers index rose to 53.3 from 49.8 in July, while the service purchasing managers index was 55.4, higher than the market expectations of 54.2. The U.S. dollar index rose about 0.4% on the day and continued to rise early on Friday. As of press time, the index traded at 98.75, hitting its 11th high, up nearly 1% this week. Meanwhile, U.S. stock index futures fell 0.2% to 0.6% early on Friday, after major Wall Street stock indexes closed down Thursday.
In early trading on Friday, the US dollar/Canadian dollar traded above 1.3900, setting a three-month high. In the second half of the day, Statistics Canada will release retail sales data for July.
Euro/USD is still under mild bearish pressure, trading below 1.1600. The pair fell about 0.4% on Thursday, under pressure from a full strengthening of the dollar.
GBP/USD fell 0.3% on Thursday, closing in the negative territory for the fourth consecutive day. The pair remained unfavorable in early European sessions and tested 1.3400.
The US dollar/JPY rose more than 0.7% on Thursday. This productThe pair held their positions and traded at a three-week high around 148.50.
Gold continued to decline intraday in early trading on Friday, and retested the overnight volatility low near the $3,326-3,325 area in the last hour.
Euro: The rebound of the euro/dollar from the early August low was rejected on the trend line of the early July high earlier this week, with the price movement pushing higher towards the 1.1625-1.1630 area at the bottom of the weekly range. The 4-hour relative strength index (RSI) is still under the 50 level, highlighting the strengthening of bearish momentum.
JPY: USD/JPY breaks through the resistance level of 148.51, indicating that the correction of 150.90 has been qxkkl.cnpleted at 146.20. A larger rebound from 139.87 should still be in progress. The intraday deviation first returns to the upward space of 150.90. A firm breakout of this level will aim at the 151.22 Fibonacci level.
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