Market Update – August 25 – USD Slips, Stocks Gain – Jackson Hole Ahead

USDIndex – another volatile day – down from 109.00 declined to 108.20 after mixed Durable Goods & more Housing Data. – Jackson Hole in focus. 
EUR – Remains weighed by energy crisis and record high GAS prices. German GDP helps a lift back to 1.000, but in 4th day below this key level.
JPY holds between 137.00 & 136.00 having failed to breach 137.00 yesterday.
GBP also weighed by energy crisis & widening strike action.Trades at 1.1850 with 1.1800 now support.
Stocks US stocks gained into close. (S&P500 +12.00pts (+0.3%) 4140)Biggest movers – Peloton & BBBY (+20 & +18%) ; Revlon & Nordstrom (-11% & –20%). Nvidia -4.56% after hours following Earnings miss.
Oil continued to rally, more chatter of OPEC+ production cuts, BP closing refineries due to fires and a big fall in inventories.  Up 0.5% over $95 to $95.60.
Gold – bounced from support at $1736 and $1745 and trades at $1758.
BTC – over 21-21.5K range at 21.6k.

Overnight – Asian equity markets recovered after nine days lower, European FUTS also higher. NZD Retail Sales miss significantly (-2.3% vs. 1.7%), JPY SPPI misses (2.1% vs. 2.2%) German Final Q2 GDP a tick better at (0.1% vs. 0.0%).

Today – German Ifo, US GDP (2nd), PCE Prices Prelim, Jackson Hole Symposium, ECB, CBRT & Banxico Minutes.

Biggest FX Mover @ (06:30 GMT) AUDUSD (+0.88%). Rally from 0.6850 & 0.6900 support continues, trades at 0.6975 now. MAs aligning higher,  MACD histogram positive & signal line rising, RSI 73.60 OB & rising,  H1 ATR 0.00137, Daily ATR 0.00823.

 

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Stuart Cowell

Head Market Analyst

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