Top Market News for August 28: Greenback Slumps as Pound Surges
The US Dollar Index (DXY) took a hit on Tuesday as market participants awaited key US data later in the week. The British pound outshone other risk-linked currencies due to the BoE’s conservative stance.
Here’s a breakdown of what you need to know for August 28:
- US Dollar Index (DXY) dropped from recent highs
- MBA’s Mortgage Applications results and EIA’s US crude oil inventories report are expected
- EUR/USD saw an upward trend with upcoming ECB data releases
- GBP/USD reached two-year highs on BoE rate cut expectations
- USD/JPY continued downtrend with key support at 144.00
- AUD/USD traded near recent peaks with RBA data on the horizon
- WTI prices retreated on demand concerns and profit-taking
- Gold prices fluctuated around $2,500 per ounce
- Silver prices remained steady near $30.00 per ounce
Overall, the market saw a mixed day with the Greenback weakening and the Pound gaining strength. Investors are keeping a close eye on upcoming economic data releases to gauge market sentiment and make informed investment decisions.