Forex Today: Dollar buyers between a rock and a hard place
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What you need to take care of on Tuesday, August 30:
The dollar started the week with a strong footing but ended the day with modest losses across the FX board. Market players were trapped between recession fears and hawkish policymakers hinting at tighter monetary policies.
Following the Jackson Hole Symposium, odds for a US Federal Reserve 75 bps rate hike rose above 70% according to the CME FedWatch tool, while across the pond, market players are now seeing odds for a similar hike in Europe at 67%, up from 48% on Friday.
The macroeconomic calendar was scarce, although encouraging US data limited the dismal mood during US trading hours, helping Wall Street to trim most of its early losses.
Government bond yields, on the other hand, edged higher, with European indexes soaring after hawkish hints from ECB officials.
The President of the European Commission, Ursula von der Leyen, put back on the table the energy crisis as she reported that the EU is preparing an emergency intervention in its energy market to drive down skyrocketing electricity prices
The EUR/USD pair battles around parity, while the GBP/USD pair settled just above 1.1700 after falling to a two-year low of 1.1647. AUD/USD surged towards 0.6900 while USD/CAD eased to currently trading around 1.3000. Safe-haven currencies are little changed against the greenback, with USD/CHF trading at around 0.9680 and USD/JPY at 138.70
Gold posted modest intraday gains and settled at $1,737 a troy ounce, while crude oil prices firmed up, with WTI now changing hands at around $96.90 a barrel.
Ripple proponents take the bull by its horns, XRP price struggles to recover
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