Market awaits Fed’s Powell at Jackson Hole
As North American traders enter for the day, the AUD is the strongest and the JPY is the weakest. The USD is mixed with a tilt to the downside. The greenback is down vs the EUR, GBP, AUD and NZD. It has modest gains vs the JPY and CAD and unchanged vs the CHF. Fed’s Powell speech at Jackson Hole at 10 AM ET is the main event. Before that at 8:30 AM ET, US personal income/spending along with PCE price data for July will be released. Also Advanced goods trade balance will also be released.
Looking at other markets near the start of the New York session:
- Spot gold is up $3.33 or 0.18% $1795.10.
- Spot silver is up three cents or 0.15% at $23.59.
- WTI crude oil futures are trading up $1.25 Ward 1.85% at $68.65
- The price of bitcoin is trading up $547 at $47,403 in the market for US stocks
Looking at US stocks, they are higher after yesterday’s declines:
- Dow up 79 points after yesterday’s -192 point decline
- NASDAQ up 42 points. Yesterday the index fell -96 points
- S&P index up 12 points after yesterday’s -26 point decline
In the European equity markets the major indices are mostly lower:
- German DAX is down -0.1%
- France’s CAC is down -0.2%
- UK’s FTSE 100 is down -0.2%
- Spain’s Ibex is down -0.4%
- Italy’s FTSE MIB is up 0.15%
In the US debt market, the yields are little changed across the curve.
In the European debt markets, the benchmark 10 year yields are mixed with modest changes: