USD/JPY Selling – Focus on Currencies and Technical Analysis (1-Hour Chart) August 26, 2024
EUR/USD – Buy
The EUR/USD pair is trading around 1.1180, with market activity subdued. Traders are waiting for remarks from Fed Chair Jerome Powell at the Jackson Hole Economic Symposium on August 23, 2023. Powell has expressed confidence in reducing inflation to the 2.0% target and indicated measures to stabilize the labor market. Despite positive new home sales data in the U.S., the dollar has declined. This week, European attention is on Eurozone inflation data.
GBP/USD – Buy
The GBP/USD pair is falling around 1.3200, with traders assessing price trends. The speeches of Fed Chair Powell and Bank of England Governor Andrew Bailey at the Jackson Hole Economic Symposium are in focus. Powell indicated an intention to cut rates but did not specify the extent. Bailey mentioned that inflation is slowing. Consumer credit data for the UK and the U.S. is scheduled to be released on Friday.
NZD/USD – Buy
The NZD/USD pair is adjusting after a sharp rise last Friday. Powell’s speech supported a rate cut and showed confidence in easing inflation risks. New Zealand’s retail sales were weaker than expected, but U.S. durable goods orders data is being closely watched.
USD/JPY – Sell
The USD/JPY pair is moving in multiple directions around 144.00. The dollar’s position has been under pressure following Powell’s speech. Japan’s consumer price index rose slightly, but this has not had a significant impact on the market. Japanese economic indicators are having little effect on the market.
XAU/USD (Gold) – Strong Buy
The XAU/USD pair is relatively unchanged around 2510.00. Gold prices have slightly risen following Powell’s speech. Although Bank of England Governor Bailey’s remarks were subdued, gold’s investment appeal is increasing. Rising demand from Russia and China, along with ongoing geopolitical risks, is enhancing gold’s attractiveness.
