August 26, 2021

This is the Focus of Investors While Awaiting the Jackson Hole Symposium

 The greenback traded steady in the European session, as market focus shifted to the publication of US Gross Domestic Product (GDP) data and unemployment claims tonight while awaiting the Jackson Hole symposium.

Against most major currencies, the dollar index rose slightly at 92.95, but remained traded around one -week lows.

US economic growth in the second quarter is expected to show a slight increase of 6.7% compared to the previously released preliminary reading of 6.5%.

While the number of US jobless claims is projected to continue to show a decline last week, in line with the recovery displayed in the job market.

Meanwhile, developments on the coronavirus outbreak remained the focus of investors, who saw limited Aussie dollar trading movements following the continued increase in Covid-19 cases in Australia.

The euro was little changed at 1.1760 against the USD, ignoring low German consumer and business climate data, with investors focused on the publication of the minutes report of the European Central Bank (ECB) meeting tonight.

The pound sterling traded slightly lower at 1.3730 against the greenback dollar, as investors continued to follow developments on new increases in coronavirus cases in the UK.

On the other hand, the Canadian dollar remained stable with trading higher following the strengthening of crude oil prices which has wiped out most of the losses recorded last week.