Jerome Powell’s dovish speech on a September rate cut last Friday saw markets turnaround, with the major US equity index again poised to challenge its record high if the bullishness is sustained into the coming week.
The GBP/USD went into this weekend near the 1.35275 ratio, this after touching the 1.33910 vicinity early on Friday.
The price of WTI Crude Oil finished last week with higher prices going into the weekend near the 63.470 level, this after touching a low around 61.430 on Monday the 18th of August.
Major markets react to Powell’s Jackson Hole speech. Explore key levels and trends in forex, crypto, gold, and indices for the week of Aug 28.
The US Dollar (USD) sharply reversed course after Federal Reserve (Fed) Chair Jerome Powell struck a notably dovish tone during his appearance at the Jackson Hole Economic Symposium, pinning interest rate cut bets to the ceiling.
The US Dollar (USD) found fresh legs throughout the first half of the week but lost them on Friday, following Federal Reserve (Fed) Chair Jerome Powell’s speech at the Jackson Hole Symposium. The EUR/USD pair closes the week well above the 1.1700 mark, recovering from a Friday weekly low of 1.1583.