Market Update – August 24 – USD Holds at Highs, Stocks Slip, Oil Rallies

USDIndex – volatile day – new 20-yr highs at 109.20 declined to 108.00 after weak PMI & Housing Data before Kashkari “biggest fear is inflation will be more persistent”.
EUR – Weighed by weak PMI & energy crisis and 3 day shutdown of Nord Stream 1, 3rd day under Parity (1.000) at 0.9940.
JPY holds between 137.00 & 136.00
GBP also weighed by weak PMI data, energy crisis, weak government & widening strike action.Trades at 1.1800
Stocks US stocks flat into close. (S&P500 -9.26pts (-0.22%) 4128)Biggest movers – Oil stocks +4-6%, TWTR -7.32% & ZM -16.45%. 
Oil continued to rally, moved +4% Tuesday to $94.00 following Saudi “CUTTING production” comments.
Gold – support at $1736 trades at $1745
BTC – ranging between 21k & 21.5K.

Overnight – Asian equity markets fell for an eighth straight day. European FUTS also lower.

Today – US Durable Goods.

Biggest FX Mover @ (06:30 GMT) AUDJPY (-0.45%). Rejected 94.80 again yesterday and trades under 94.40 now. MAs aligning lower,  MACD histogram negative & signal line falling, RSI 40.36 & falling, H1 ATR 0.153, Daily ATR 0.96.


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Stuart Cowell

Head Market Analyst

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