Forex Signals Brief for August 24: Markets Look to Jackson Hole
Rowan Crosby • 2 min read
Forex markets have certainly been busy in the past 24 hours. The USD continues to have a solid range and yesterday it rebounded strongly. That’s despite more trade concerns between the US and China and more legal dramas for Donald Trump.
While it has been the AUD/USD that is in the midst of political upheaval, as the current Prime Minister has been ousted and the Australian people await a new leader.
On Friday the attention turns to the heavyweight retreat for central bankers and economists at Jackson Hole in Wyoming.
The headline act will be US FED boss Jerome Powell. Who is making his debut as the main man and will be speaking at 10am. After the markets took the last FOMC minutes to be rather hawkish, traders will once again wait on what is said.
Powell’s speech is titled, “Monetary Policy in a Changing Economy”, and the main factor that could move forex markets would likely be if he has any hesitation around the speed of rate increases given the backdrop of geopolitical issues around the world.
Forex Signal Update
The FX Leaders Team had a quiet session with only two signals finishing one and one.
Silver – Silver is weak and is looking at a test of the lows.
CAC – The CAC is still in the middle of its trading range and seeking direction.
Bitcoin – Active Signal
After the spike and retrace, we are again looking at the $6,600 in Bitcoin. Price has certainly pulled back and we are quiet at the moment. We need to have another go at the level or even at $6,000 to the downside.
DAX – Active Signal
The DAX is still in a tight range at the moment. However, we do have German GDP set for release later today, which will certainly be a market mover.