US Dollar Remains Weak Ahead Of Jackson Hole, USD/JPY And Gold Latest

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8/29/2024 9:59:40 AM

(MENAFN- DailyFX) ains Weak Ahead of Jackson Hole, USD/JPY and Gold Latest Skip to Conten

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Host: Duration: min 13:24:25 widgets/economicCalendar._abbr () Actual Forecast Previous Revised EUR/USD Bullish
1h Last updated: Aug 19, 2024
Long Short
Note: Low and High figures are for the trading day.
Data provided by News IG Retail Sentiment Report: AUD/USD, EUR/USD, GBP/USD as USD Weakness Returns 2024-08-19 08:05:20 EUR/USD and USD/JPY – Latest Sentiment Analysis 2024-08-16 07:57:21 Oil - US Crude Bullish

1h Last updated: Aug 19, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Retail Client Sentiment: Gold, Oil, AUD in Focus as Risk Appetite Stabilises 2024-08-12 13:00:34 Retail Sentiment Snapshot: Gold, Oil, and USD/CHF Positioning Analysed 2024-08-05 14:30:18 Wall Street Mixed

1h Last updated: Aug 19, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Nasdaq 100, Dow and Nikkei 225 Continue to Head Higher 2024-08-15 11:00:46 Nasdaq 100, Dow and Dax Continue to Rebound 2024-08-12 11:00:00 Gold Bullish

1h Last updated: Aug 19, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News US Dollar Remains Weak Ahead of Jackson Hole, USD/JPY and Gold Latest 2024-08-19 13:00:27 Gold, Silver Technicals: XAU/USD Tests All-Time High, Silver Bulls Reemerge 2024-08-16 13:20:37 GBP/USD Bullish

1h Last updated: Aug 19, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News IG Retail Sentiment Report: AUD/USD, EUR/USD, GBP/USD as USD Weakness Returns 2024-08-19 08:05:20 UK Headline Inflation Rises by Less Than Expected, GBP/USD Now Eyes US CPI 2024-08-14 07:28:07 USD/JPY Bullish

1h Last updated: Aug 19, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News US Dollar Remains Weak Ahead of Jackson Hole, USD/JPY and Gold Latest 2024-08-19 13:00:27 EUR/USD and USD/JPY – Latest Sentiment Analysis 2024-08-16 07:57:21 More View More

Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.01% 🇪🇺EUR: -0....
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US Dollar (DXY), USD/JPY, and Gold Latest
USD/JPY Daily Price Chart
Gold Daily Price Chart
US Dollar (DXY), USD/JPY, and Gold Latest

US dollar weakens further ahead of key Fed chair speech
USD/JPY looks technically weak
Gold consolidating Friday's record high.

This year's Jackson Hole Symposium –“Reassessing the Effectiveness and Transmission of Monetary Policy” – will be held on August 22-24 with Fed chair Jerome Powell's keynote speech on Friday as the main attraction. Traders expect chair Powell to signal that the Federal Reserve will start cutting interest rates in September with financial markets currently pricing in nearly 100 basis points of rate cuts by the end of this year. With only three FOMC meetings left this year, and with the Fed normally moving in 25 basis point clips, one 50 basis point rate cut is looking likely if market predictions prove to be correct.
Recommended by Nick Cawley Get Your Free USD Forecast Get My Guide
USD /JPY has been on a rollercoaster ride over the last month, shedding 20 big figures in three weeks after the BoJ hiked rates for the second time this year. The pair then rallied by nearly 10 big figures on a bout of US dollar strength before dropping last Friday, and today, on a weaker US dollar. The next area of USD/JPY resistance is seen between 151.45 (200-day sma) and a prior level of horizontal resistance turned support at just under 152.00. A renewed sell-off will likely bring 140.28 into focus.
USD/JPY Daily Price Chart
Chart via TradingView
Gold finally broke through a stubborn area of resistance and posted a fresh all-time high on Friday. Expectations of lower interest rates and fears that the situation in the Middle East could escalate at any time have given a strong, underlying bid. Support is seen at $2,485/oz. ahead of $2,450/oz. while gold continues its price discovery on the upside.
Gold Daily Price Chart
Chart via TradingView
Retail trader data shows 43.65% of traders are net-long with the ratio of traders short to long at 1.29 to 1.The number of traders net-long is 11.99% higher than yesterday and 13.24% lower than last week, while the number of traders net-short is 5.76% higher than yesterday and 30.77% higher than last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests gold prices may continue to rise. Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed gold trading bias.
Gold Bullish Data provided by

of clients are net long. of clients are net short.

Change in	Longs	Shorts	OI
Daily	5%	6%	6%
Weekly	-19%	29%	3%

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