The US dollar is trading slightly weaker as investors square their bets on what Janet Yellen’s comments might indicate tomorrow at the Jackson Hole Economic Symposium. Analysts are split on the chances for an interest rate hike before the end of 2016, so there is some room for the dollar to climb tomorrow if the Fed Chair makes the case that there is too much leverage and risk-taking in the market to keep interest rates low.
Across the Atlantic, the pound is dipping after its three-day rally but is still trading at its highest levels in three weeks as recent economic data has shown somewhat of a rebound in the UK economy two months after the vote.
The euro is ticking higher as consumer and business confidence levels out of France and Germany were fairly healthy as most analysts had anticipated. Portugal’s GDP grew more than 3% year-over-year in the second quarter, also in line with expectations.
The Canadian dollar was dipping slightly lower as oil prices continued sliding below $47 per barrel. The Aussie dollar is also trading a bit lower with no new data out this morning.
EURUSD: The euro is trading higher as consumer and business confidence in France and Germany remains upbeat.
GBPUSD: The pound is trading lower for the first time this week despite a lack of significant data out.
AUDUSD: The Aussie dollar is ticking slightly lower with no new data out.
USDCAD: The Canadian dollar is also lower as oil prices dip below $47 per barrel.