Dollar weakens as investors await Powell
What you need to know on Thursday, August 26:
The greenback seesawed between gains and losses but resumed its decline during US trading hours to reach fresh weekly lows against most high-yielding rivals. Wall Street rallied, with the S&P 500 hitting fresh all-time highs.
US Treasury yields also run, with the yield on the 10-year note reaching 1.352%.
Commodity-linked currencies were the best performers, as AUD/USD reached 0.7280 while USD/CAD trades around 1.2590. The EUR/USD pair slowly advanced, currently trading at around 1.1770. GBP/USD extended its advance to the 1.3760 price zone.
Gold settled at around $1,790 a troy ounce, down for the day, while crude oil prices edged higher, with WTI ending the day at $68.20.
The coronavirus Delta variant keeps worrying speculative interest. A study developed in the UK showed that protection from vaccines wanes after six months of receiving the shots. Meanwhile, Johnson & Johnson is recommending a second shot to boost immunity to its one-dose vaccine.
The Jackson Hole Symposium kicks in this Thursday, although the main event will be US Federal Reserve Chair Jerome Powell speech on Friday.
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