The dollar traded marginally lower on weak US data and ahead of the Jackson Hole speech by Fed Chairman Powell, today at 10 am EST. The markets are expecting clarifications on the near-term path of the dollar following remarks from two Fed officials that said there is no immediate need for a rate cut without signs of economic weakness. Most FX markets traded in narrow ranges, typical to August trading environment, lacking markets participation. This may change today, as all eyes will focus on Powell speech and the near-term dollar path. US equity markets traded lower then reversed to close near the flat line while EU equity markets traded lower on US markets weakness early on. Metals pulled back from 2019 highs on Gold weakness, closing bellow the $1,500 level at $1,497 yesterday, a 3% pullback from 2019 six-year highs, $1,536 per ounce. Oil traded lower on global slowdown fears and an IEA report, forecasting a weak demand as long as the US China trade war is hitting global economic growth. Oil prices closed at $55.33 per barrel yesterday, down 0.6% on the day.
CAD Retail Sales at 1:30 pm and Fed Chairman Powell speech at Jackson hole at 3:00 pm are the important news on the agenda Friday. (all times GMT).
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Global markets await Fed Chair Powell speech today at 10:am
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