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WTI Price Forecast: Bears have the upper hand below $82.10-$82.15 confluence hurdle
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts some selling following the overnight bounce from the $79.30-$79.25 region, or an over two-week low, though the downside remains cushioned.
Polish Zloty: Import pass-through risks challenge cuts – BNY
BNY’s Geoff Yu argues that Euro strength is amplifying import price pass-through risks for Poland, with EUR/PLN gains feeding into higher import prices. The Monetary Policy Council’s guidance of unchanged rates contrasts with market pricing for a return above 4%.
Euro steadies against Canadian Dollar following stronger German Consumer Confidence data
EUR/CAD maintains its position after three days of gains, trading around 1.6170 during the European hours on Thursday. The currency cross remains steady as the Euro (EUR) moves little following a surprisingly upbeat economic data out of Germany.
US Dollar: Warsh speech keeps markets cautious – ING
ING strategist Francesco Pesole sees recent United States (US) Personal Consumption Expenditures (PCE) Price Index data as consistent with disinflation but too gradual to force Federal Reserve (Fed) hikes this year.
Silver Price Forecasts: XAG/USD remains bullish with dips capped above $67.40
Silver’s (XAG/USD) pullback from the $70.00 area found buyers above $67.40 on Thursday to trim losses and return to the mid-range of the $68.00s during the European morning session.
Japanese Yen flattens against US Dollar in countdown to Jackson Hole Symposium
The Japanese Yen (JPY) trades in a limited range at around 159.30 against the US Dollar (USD) during the European trading session on Thursday. The USD/JPY pair consolidates as investors await Federal Reserve (Fed) Chairman Kevin Warsh’s speech at the Jackson Hole Symposium on Friday.
Dow Jones futures advance as strong Nvidia outlook lifts market sentiment
Dow Jones futures gain by 0.18% to around 53,620 during European hours on Thursday. Meanwhile, S&P 500 futures rise by 0.41%, to trade near 7,720, and Nasdaq 100 futures advance by 0.89% to trade around 29,550.
Australian Dollar: Tests resistance on firm inflation – OCBC
OCBC Bank strategists Sim Moh Siong and Christopher Wong note Australian inflation surprised on the upside, keeping alive the risk of another Reserve Bank of Australia (RBA) hike even as their base case is that the tightening cycle has ended.
Brazilian Real: Rate cuts may support BRL against US Dollar - Societe Generale
Societe Generale strategists observe that the Brazilian Real (BRL) largely ignored softer inflation data, which still supports a Banco Central do Brasil (BCB) rate cut in September followed by a pause into elections.
British Pound extends losses as US Dollar holds ground on Fed rate hike bets
GBP/USD remains subdued for the second successive day, trading around 1.3590 during the European hours on Thursday. The pair depreciates as the US Dollar (USD) remains stronger following the robust economic data released on Wednesday.
British Pound finds support near weekly low as fiscal woes and rate gap weigh on Yen
The GBP/JPY cross recovers a few pips from the vicinity of the weekly trough, though it lacks follow-through buying and trades around mid-216.00s during the early European session on Thursday.
Mexican Peso: Carry-driven strength extends against US Dollar – Rabobank
Rabobank's Christian Lawrence and Molly Schwartz highlight that USD/MXN has broken below 17 for the first time since May 2024, prompting a forecast revision toward 16.5 in coming weeks.
Eurozone M3 Money Supply (3m) increased to 3.2% in July from previous 3%
Eurozone M3 Money Supply (3m) increased to 3.2% in July from previous 3%