All Eyes on Yellen's Speech

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The meetings with Jackson Hole, which includes the central bank governors from around the world, in the forefront of president of the Fed Reserve, will end today. Janet Yellen, is set to give a key speech at the end of the meeting, and could mention the key factors that support raising interest rates like improving labor sector and inflation. Yellen is likely to avoid the question of timing of the next hike.  The U.S. dollar index settled at 94.70 in anticipation of Yellen’s speech later on today.

On the other hand, Euro settled vs. USD at the support of $1.1280. By breaking such levels, the door will be open for $1.15.

On Thursday, the Pound settled below $1.32 and could decline further to $1.31 and $1.30, if everything goes well with Yellen’s speech.  

Gold declined yesterday to its lowest level in four weeks on strong U.S. data. On the other hand, the yellow metal is awaiting a speech by Yellen that will be closely watched for clues on U.S. interest rates. The yellow metal settled at $1,315; negative statements by Yellen toward interest rates could get gold to re-test $1,330. Gold’s outlook remains negative and may decline further to levels of $1,300.

Oil prices rose by 1% yesterday amid expectations the U.S. dollar would weaken before Friday's key speech by U.S. Fed. Reserve Chair Yellen.

U.S. crude settled at $47.50, failing to stable above such level could push it to decline next week.

The most important economic events:

  • USD Advance Goods Trade Balance (JUL): (GMT: 14:30) – Important – Forecast (-$63.0b) – Previous (-$64.5b).
  • USD Gross Domestic Product (Annualized) (2Q S): (GMT: 14:30) – Important – Forecast (1.1%) – Previous (1.2%).
  • USD Gross Domestic Product Price Index (2Q S): (GMT: 14:30) – Important – Forecast (2.2%) – Previous (2.2%).
  • Fed Chair Yellen to Speak at Jackson Hole Policy Symposium: (GMT: 14:30) Important.

The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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