The US dollar experienced a slight decline at the beginning of the European trading session on Tuesday (August 19, 2025). This shift indicates that market participants are now focused on the annual gathering of central banks, known as the Jackson Hole Symposium, scheduled to take place from August 21 to 23 in the United States.
This significant event has the potential to trigger major market movements, as several central bank governors, including Federal Reserve Chairman Jerome Powell, will be giving speeches. The markets are keenly watching for clues regarding the Fed’s long-term interest rate outlook.
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Additionally, the release of US housing market data this evening could serve as a catalyst for market movement. The following data is sourced from Trading Central:
- US building permits data (month-on-month/July) at 19:30 WIB; forecast -0.2% vs. prior -0.1%
- US housing starts data (month-on-month/July) at 19:30 WIB; forecast -2.2% vs. prior 4.6%
GOLD
Gold prices (XAUUSD) rose to US$3,344.77 per troy ounce after previously dropping to US$3,326 per troy ounce.
The weakening of the US dollar has facilitated a rebound in Gold prices. There is potential for Gold to receive further positive sentiment during tonight’s trading session if both housing market data releases are worse than the forecast.
OIL
Oil prices (CLS10) fell to US$61.86 per barrel at the start of the European trading session, marking a decrease of US$0.72 from Monday’s closing prices.
The oil market is under pressure following a positive meeting between US President Donald Trump and Ukrainian President Volodymyr Zelenskyy, which has reduced the likelihood of sanctions on the Russian energy sector.
This indicates that supply in the global market is likely to remain unaffected, contributing to negative sentiment for oil prices.
EURUSD
The EURUSD pair saw an upward movement to 1.16922 at the beginning of the European trading session after previously declining to 1.16389. As noted earlier, market players are currently anticipating the Jackson Hole meeting, leading to a volatile movement in EURUSD.
Should the US economic data released tonight fall short of the forecast, there is potential for EURUSD to receive a positive boost.
GBPUSD
Similarly, the GBPUSD currency pair reversed its trend to rise to 1.35308 at the start of the European trading session after dropping to 1.34865 earlier. Observing this movement, there is potential for GBPUSD to also receive a positive sentiment if the US economic data proves to be worse than the forecast.
USDJPY
The USDJPY pair declined to 147.529 at the beginning of the European session after reaching 148.106 earlier. This fluctuating movement suggests that market participants are awaiting statements from Powell that could trigger significant market movements.
In the meantime, the release of US housing market data may influence USDJPY this evening. If this data is worse than the forecast, it could put downward pressure on USDJPY.
Nasdaq
The Nasdaq index has been trading within a narrow range between 23,730 and 23,836 at the start of the European trading session. The index has already declined for four consecutive days after reaching an all-time high of 24,067 last week.
The absence of new momentum has kept the Nasdaq moving within a tight range. If US economic data tonight is worse than the forecast, there is potential for Nasdaq to experience a wave of profit-taking.
