GBP/USD (British Pound/US Dollar) – Buy: Focused Currency Pairs and Technical Analysis (15-Minute Chart) for August 22, 2024
EUR/USD (Euro/US Dollar) – Sell The Euro is trading around 1.1145 during the August 22nd Asian session, near its highest level since July. The market is focused on the statements from central bank representatives at the Jackson Hole Economic Symposium, with hopes for signals regarding a rate cut at the September meeting. Today’s Manufacturing PMI is expected to shift from 45.8 to 45.6 points, while the Services PMI may increase from 51.9 to 53.3 points. Similar indicators will be released in Germany, with adjustments to 42.1 points for manufacturing and 51.4 points for services expected.
GBP/USD (British Pound/US Dollar) – Buy The British pound is undergoing a correction after a “bullish” rally since August 7th, testing support at 1.3080. The market is focused on the Jackson Hole Symposium, with expectations that the U.S. may cut interest rates at the September meeting. Today’s UK business activity data is expected to show the Services PMI rising from 52.5 to 52.8 points, while the Manufacturing PMI is forecast to remain at 52.1 points.
AUD/USD (Australian Dollar/US Dollar) – Strong Sell AUD/USD is retreating from its highest level since July 16th, testing support at 0.6730. With the market cautious ahead of the Jackson Hole Economic Symposium, the Australian dollar is receiving moderate support. Australia’s August Manufacturing PMI increased from 47.5 to 48.7 points, while the Services PMI rose from 50.4 to 52.2 points.
USD/JPY (US Dollar/Japanese Yen) – Strong Buy USD/JPY is trading sideways around 145.15, with last weekend’s “bearish” momentum gradually subsiding. The market is awaiting the Jackson Hole Economic Symposium, with particular attention on Fed Chair Jerome Powell’s remarks. In Japan, the August Manufacturing PMI rose from 49.1 to 49.5 points but fell short of the expected 49.8 points.
XAU/USD (Gold/US Dollar) – Strong Buy Gold prices have retreated from around $2530.00 during the Asian session, awaiting new developments ahead of the Jackson Hole Symposium. The market is looking for signals regarding a rate cut at the FRB’s September meeting, with discussions of a 25 or 50 basis point reduction.
