US Dollar Price and Chart Analysis
- US Dollar takes a breather ahead of Jackson Hole.
- EUR/USD and GBP/USD look oversold by one technical indicator.
The US Dollar (DXY) is giving back early gains and looks likely to range trade ahead of a cluster of important economic releases and Fed chair Jerome Powell’s highly-anticipated speech at the Jackson Hole Symposium on Friday. Today’s US PMI readings for August are the first release of note. The Manufacturing PMI is forecast at 52 in August, compared to 52.2 in July, while the Services PMI is forecast at 49.2 vs. 47.3.
For all market moving data releases and economic events see the real-time DailyFX Calendar.
Ahead of chair Powell’s speech, the latest look at Q2 GDP and Core PCE will be released, giving the market a slightly better take on the current inflation vs recession narrative.
A look at the US dollar basket (DXY) chart shows the greenback touching and then falling back from the…
