US Dollar Index Surges Above 101.00 Barrier as Investors Await Fed Rate Path Clues
Key Points for August 29:
The Greenback regains strength against major rivals amid anticipation of Fed rate decisions and upcoming economic data releases. US Q2 GDP Growth Rate estimate, Initial Jobless Claims, Pending Home Sales, and speech by Fed’s Bostic are on the agenda for August 29.
EUR/USD faces downward pressure below 1.1100 following a strong Dollar rebound. Germany’s preliminary Inflation Rate, EMU’s Consumer Confidence, Economic Sentiment, and Industrial Sentiment data releases are scheduled. ECB’s Schnabel is also set to speak.
GBP/USD retreats from yearly highs, breaking below 1.3200 support. Car Production data expected on August 29.
USD/JPY climbs above 145.00 on Dollar strength and mixed yields. Foreign Bond Investment figures will be released on August 29.
AUD/USD fails to sustain above 0.6800 level, impacted by Dollar uptick. Housing Credit and Retail Sales data to be released on August 30.
WTI prices drop below $74.00 amid Chinese demand concerns and Dollar strength, despite EIA report positivity.
Gold and Silver prices decline to weekly lows, with Gold below $2,500 per ounce and Silver near $29.00 per ounce, close to key moving averages.
Analysis:
The US Dollar’s recent surge has impacted major currency pairs and commodity prices, with upcoming data releases and Fed speeches driving market sentiment. Investors should closely monitor economic indicators and central bank announcements to make informed decisions in the volatile financial markets.