Will the Rise in Oceania Currencies Continue?
24.08.2021
- Germany: Second-Quarter GDP (Revised)
- Richmond Fed Manufacturing Index (U.S.)
Yesterday, the three major U.S. stock indices all rose, resulting in a market environment characterized by higher stock prices, flat interest rates, and higher crude oil prices. The Nasdaq hit a new all-time high for the first time in about two weeks. This came as expectations for an economic recovery grew following the U.S. FDA’s formal approval of the Pfizer vaccine.Meanwhile, BTC/USD, which had recovered to the key $50,000 level yesterday, has since fallen back to $49,000.
A wait-and-see mood prevails in the foreign exchange market ahead of this weekend’s Jackson Hole symposium and next weekend’s U.S. employment report, with the USD/JPY trading within a very narrow range of 109.47 to 110.22.Meanwhile, Oceania currencies are showing strength; the AUD/USD pair continued to rise yesterday, rebounding from 0.710 to 0.721. It is currently attempting to reach new highs.
Today, at 15:00 Asia time, Germany’srevised second-quarter GDP figures are scheduled for release at 15:00 during Asian trading hours; U.S. new home sales and the Richmond Fed Manufacturing Index are scheduled for 23:00 during U.S. trading hours; a U.S. 2-year Treasury auction is scheduled for 26:00; and New Zealand’s trade balance is scheduled for 7:45 the following day.We will be closely monitoring whether the currencies of resource-rich nations, which are showing signs of an upward trend, will set the tone for today’s markets.
