Pediafx – Regardingforex Fluctuations in various major currency pairs tend to be limited ahead of the opening of the Jackson Hole symposium tomorrow. However, USD/JPY fell more than 0.8% to 144.60 following the release of disappointing US economic data in early New York session this Wednesday (23/August). The US dollar index (DXY) also continues to be confined within the range it has occupied since the start of the week.
The US dollar index (DXY) briefly bounced up to a threshold of 104.00 during the European session. The results of the Eurozone PMI survey results and the UK PMI were classified as very bad, thus raising the prestige of the greenback for a moment. Unfortunately, the US PMI data released a few hours later was also disappointing. S&P Global reports the US Manufacturing PMI score fell from 49.0 to 47.0 in August 2023, while the Services PMI score fell from 52.3 to 51.0. Both missed market estimates. The Composite PMI score fell from 52.0 to 50.4, whereas previous consensus had hoped for a steady figure. How to read PMI data usually uses a threshold of 50.0 to distinguish between expansive (> 50.0) and contraction (<50.0) situations, so this Composite PMI number indicates business activity that is close to a standstill.
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Regardless, market attention is still focused on the Jackson Hole symposium August 24-26, where the heads of the world’s most influential central banks gather. Speeches by the Chair of the Fed and other central bank leaders at the event can have a big impact on financial markets. The major currency pairs’ moves are likely to remain limited until the next catalyst appears.
