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Recap: USD drives on, Jackson Hole, Forex, Indexes, Oil & MORE | Trade Zone with Joe Jeffriess

Published: 25.08.2023
by Joseph Jeffriess

Thanks for checking out this week’s wrap-up.

This week, the U.S. Dollar (USD) continues its charge higher after breaking out of its midweek deadlock. Flash PMI data mainly disappointed with U.K. and U.S. data missing, while French and German services missed expectations.

The SP500 and Nasdaq had volatile weeks, with surges on Wednesday before sellers cut down the gains on Thursday. Oil fought back late in the week, and gold gained, holding out well when the USD kicked into gear on Thursday. Risk majors were mainly lower. The AUD had a week like the Nasdaq with a large single-day rally before being sent lower. The EUR and GBP hit new weekly and monthly lows in Thursday’s US session.

Traders will look to an important end to the week with Fed chair Powell’s speech and day two of the Jackson Hole Symposium. Opinions remain mixed, so will we see a more hawkish or dovish stance from the Fed? Will this continue to fuel the USD fire, or could we see a pullback? Regardless, it’s going to be interesting.

Powell’s speech is due at 12:05 a.m. AEST

This week’s recap video

Have a great weekend.  

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