The Jackson Hole Symposium commences today in Wyoming, USA. The mostly virtual event will offer commentary from various global central bankers and will be used by markets to assess the path forward for monetary policy from the major central banks. The anticipation is focused on the Federal Reserve and the speech which chairman Powell will make tomorrow afternoon. The greenback will no doubt be the main asset impacted by what the governor says. Hawkish rhetoric will provide it with a reason to rally while any avoidance or delay in announcing tapering could create a significant sell-off.
Today’s calendar sees US 2nd quarter GDP numbers as well as weekly initial jobless claims. Also on the agenda will be meeting minutes from the European Central Bank’s announcement earlier this month. The minutes could move the euro depending on what is said. However, it’s likely participants are solely focused on what happens tomorrow rather than today.
Written by Viv Savani. 8:17am, August 26th 2021
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