Key data could unveil details on US economy and EMU inflation
The post Key data could unveil details on US economy and EMU inflation appeared on BitcoinEthereumNews.com.
The Greenback regained the smile on Wednesday and advanced to weekly tops vs. its main rivals as investors seek further clues regarding the potential Fed’s rate path ahead of key economic data releases. Here is what you need to know on Thursday, August 29: The US Dollar Index (DXY) regained the 101.00 barrier and above despite mixed US yields across the curve. Another estimate of US Q2 GDP Growth Rate is due on August 29, followed by usual weekly Initial Jobless Claims, Pending Home Sales, and the speech by the Fed’s Bostic. EUR/USD came under marked downside pressure and disputed the 1.1100 region following the strong rebound in the US Dollar. On August 29, the preliminary Inflation Rate in Germany takes centre stage, ahead of EMU’s Consumer Confidence, Economic Sentiment, and Industrial Sentiment. In addition, the ECB’s Schnabel is due to speak. GBP/USD receded from recent yearly peaks and broke below the 1.3200 support, challenging weekly lows. The annualized Car Production results are only expected on August 29. USD/JPY tested waters above the 145.00 barrier in response to the strong bounce in the Greenback and mixed yields. The usual weekly Foreign Bond Investment figures are due on August 29. AUD/USD could not extend its breakout of the 0.6800 hurdle, eventually succumbing to the Dollar’s uptick. The next data release on the Australian docket will be Housing Credit readings, as well as Retail Sales, both coming on August 30. Demand concerns in China and the stronger Dollar offset supply worries and a mild bullish report from the EIA, all dragging WTI prices to weekly lows below the $74.00 mark per barrel. Gold prices came under pressure and deflated to weekly lows in the sub-$2,500 region per ounce troy. Silver sold off and confronted the $29.00 mark per ounce, a region coincident…
Filed under: News - @ August 28, 2024 6:20 pm