NZD/USD (New Zealand Dollar/US Dollar) – Strong Buy: Focused Currency Pairs and Technical Analysis (15-Minute Chart) for August 23, 2024
EUR/USD (Euro/US Dollar) – Sell The Euro has shown growth near 1.1130 after a correction from its late July highs. Investors are awaiting comments from Fed Chair Jerome Powell at the Jackson Hole Economic Symposium. The market predicts that rate cuts may begin at the September meeting, with 60% of analysts expecting a 25 basis point cut, while the probability of a 50 basis point cut has reached 38%. The U.S. August Manufacturing PMI fell from 49.6 to 48.0 points, while the Services PMI rose from 55.0 to 55.2 points. Meanwhile, the Eurozone Manufacturing PMI dropped from 45.8 to 45.6 points, and the Services PMI increased from 51.9 to 53.3 points.
GBP/USD (British Pound/US Dollar) – Buy The British pound is showing a slight increase against the U.S. dollar, trading near 1.3110. Investors are focused on the speeches of the Fed Chair and the Bank of England Governor at the Jackson Hole Symposium. The UK business activity indices released yesterday showed better-than-expected results, with the Manufacturing PMI rising from 52.1 to 52.5 points, and the Services PMI increasing from 52.5 to 53.3 points. The U.S. Manufacturing PMI also rose from 52.1 to 52.5 points, with the Services PMI increasing from 52.5 to 53.3 points.
NZD/USD (New Zealand Dollar/US Dollar) – Strong Buy The New Zealand dollar is showing growth near 0.6150 after the previous day’s correction. Investors are waiting for the Fed Chair’s speech at Jackson Hole, with attention on the possibility of a rate cut in September. According to data from the Chicago Mercantile Exchange (CME), the likelihood of a 50 basis point cut has approached 40%. New Zealand’s retail sales fell by 1.2% in the second quarter, while the U.S. Manufacturing PMI declined from 49.6 to 48.0 points.
USD/JPY (US Dollar/Japanese Yen) – Buy The U.S. dollar is showing a slight decline near 145.65 in the USD/JPY pair. Investors are waiting for Fed Chair Powell’s speech at Jackson Hole, seeking information on the timing and scale of the rate cuts. Japan’s Manufacturing PMI increased from 49.1 to 49.5 points, while the Services PMI rose from 53.7 to 54.0 points. However, the July Consumer Price Index (CPI) remained stable at 2.8%.
XAU/USD (Gold/US Dollar) – Buy Gold is trading around 2490.00, attempting to recover from the previous day’s decline. Investors are waiting for the Fed Chair’s speech at Jackson Hole, focusing on the timing and scale of the rate cuts. The U.S. Manufacturing PMI fell from 49.6 to 48.0 points, while the Services PMI increased from 55.0 to 55.2 points. However, labor market data remains weak, increasing the likelihood of a rate cut in September.
