Fed Chair Powell's looming speech at the annual Jackson Hole symposium will be the next catalyst for the U.S. dollar moves, says Joe Capurso, an economist at Commonwealth Bank of Australia. Still, don't expect Powell to give a clear signal in either direction.
He is likely to keep his options open and wait for more data, Capurso says. But if Powell signals openness to an interest rate cut, expect the market to more fully price a September cut and the USD to fall modestly.
A September cut is currently priced at about 70% which sets a high bar for Powell to 'out‑dove' the market, he says.
Source: Marketwatch
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