Stay informed with the latest updates on the financial markets for Wednesday, August 21. The US Dollar (USD) is maintaining its position against major rivals as investors anticipate the release of preliminary benchmark revisions to Nonfarm Payrolls by the US Bureau of Labor Statistics. Additionally, keep an eye out for the Federal Reserve’s minutes from its July 30-31 monetary policy meeting later in the day.
Despite a 1% loss since the start of the week, the USD Index is showing signs of modest recovery near 101.50. The 10-year US Treasury bond yield is fluctuating around 3.8%, having dropped nearly 2% this week. US stock index futures are trading slightly higher following mixed performance in Wall Street on Tuesday.
US Dollar Price This Week
The table below displays the percentage changes of the US Dollar (USD) against major currencies for the current week. Notably, the USD was the weakest against the New Zealand Dollar (NZD).
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.85% | -0.59% | -1.20% | -0.46% | -1.09% | -1.60% | -1.22% |
Gold prices surged to a record high of $2,531 on Tuesday, benefiting from USD weakness. The XAU/USD pair is currently in a consolidation phase, trading around $2,510.
Meanwhile, inflation in Canada softened to 2.5% in July, as reported by Statistics Canada. The USD/CAD pair maintained stability above 1.3600 post this announcement.
In the forex market, AUD/USD continued its upward trend, closing positively for the fourth consecutive day on Tuesday. On the other hand, EUR/USD reached above 1.1100, GBP/USD hit a yearly high above 1.3050, and USD/JPY experienced losses before bouncing back slightly.
Nonfarm Payrolls FAQs
Nonfarm Payrolls (NFP) are a crucial component of the US Bureau of Labor Statistics monthly jobs report. The NFP figure influences Federal Reserve decisions and has a significant impact on the US Dollar and Gold prices. Stay informed about the latest NFP data to make informed financial decisions.
Understanding the relationship between NFP data, the USD, and Gold prices can help you navigate the financial markets more effectively. Keep an eye on upcoming economic indicators and market movements to optimize your investment strategies.