Jackson Hole Symposium is finally here!


A little bit of risk-off trading was observed on Thursday as traders are bracing for today's data and the start of the Jackson Hole conference.

Later in the day, US jobless claims are due and initial claims should remain near last week's 348,000. However, continuing claims are expected to improve marginally to 2.79 million.

Moreover, the US GDP for the second quarter will be released, and market participants forecast a small improvement to 6.7% annualized, up from 6.5% in the first quarter. The GDP price index will be published and expected to show massive inflation of circa 6%.

More importantly, the long-awaited Jackson Hole Symposium starts today, and central bankers will meet virtually to discuss monetary policies around the globe. Jay Powell is scheduled to speak tomorrow, and his remarks will be under very close scrutiny as he is expected to announce the starting day of the tapering process.

Over the previous four days, the greenback has been under selling pressure, pushing the EURUSD pair toward the 1.18 hurdle. However, the daily chart of the EURUSD pair is looking very bullish as the euro managed to jump above the upper line of a large falling wedge pattern, implying further upside potential.

US equities are awaiting Powell's speech near record highs, and the bullish momentum has been robust recently, indicating we might see a sharp correction if Powell disappoints in any way.
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