By Mexgroup.com
Jackson Hole Symposium kicks off. The highly anticipated Jackson Hole Symposium is off to a good start, but traders appear to be holding off any huge positions until ECB head Mario Draghi and Fed Chairperson Janet Yellen deliver their key speeches later in the day. Investors are waiting for any clues on further U.S. rates rises, the timing of its balance sheet tapering and if Europe is still looking to rein in stimulus.
More Infighting In Washington. U.S. President Donald Trump threw shade on his fellow Republicans for putting the government on the brink of a shutdown due to the looming debt ceiling deadline. He said on Twitter on Thursday that Republican congressional leaders could avoid a legislative “mess” if followed his advice to tie debt ceiling legislation a few weeks back.
Downbeat Medium-Tier U.S. Data. Stronger-than-expected data on U.S. initial jobless claims on Thursday helped the dollar stay positive on the day. The dollar edged higher against the other major currencies, but gains were capped by the release of disappointing U.S. housing sector data and as investors shifted focus to an upcoming global central bankers’ meeting.
Yen Awaiting Jackson Hole Key Speeches. The yen slipped further against the dollar on Friday with consumer prices data in Japan meeting expectations and a pair of speeches by the Fed chair and ECB president highly awaited.
Mixed Day For Commodities. Gold was trading mostly sideways for the day as investors seemed to be saving their moves until after Mario Draghi and Janet Yellen have delivered their testimonies.
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Crude Oil Is Down. Crude oil took a hit on speculations that Hurricane Harvey could lead refineries to shore up stockpiles before shutting down when the storm hits. The U.S. National Hurricane Center predicted that Harvey will turn into a major hurricane by Friday as it approaches Texas, likely leading to outages along the U.S. Gulf Coast. Nearly half of the country’s petroleum refining capacity is located along the Gulf Coast, along with roughly 51% of U.S. natural gas processing plants.
Watch Out Today For:
12:30 pm GMT: USD Durable Goods Orders
14:00 pm GMT: USD Federal Reserve Chairperson Janet Yellen Speaks
19:00 pm GMT: EUR ECB President Mario Draghi Speaks
BY MEX GROUP TEAM
The post Markets Sit Tight Awaiting Jackson Hole Speeches 25-8-2017 appeared first on mexgroupblog.
