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As the final week of August comes to an end, mixed price action has once again become a dominant theme across the cryptocurrency market. Most major digital assets have started to show a slowdown in the bullish momentum observed in previous weeks, while some have even moved into negative territory toward the end of the week.
The true test of trend is what happens after a counter-trend jolt, and that’s where gold as into next week as the overbought trend has just moderated with the largest daily sell-off in two months.
USD/CAD has staged its strongest weekly advance since June, shifting the focus to whether a more durable low is finally taking shape.
With only a few days remaining before the end of August, signs of fading momentum have become increasingly evident across the cryptocurrency market. This weakness became more apparent following comments from Kevin Warsh at Jackson Hole, where he highlighted the persistence of inflationary pressures in the United States.
Earnings this week from Broadcom, Palo Alto Networks and Dell week keep AI in focus.
USD/JPY has finally woken from its slumber. Payrolls now loom as the key test of whether the latest hawkish repricing sticks or sinks.
It was a strong move for the US Dollar as USD/JPY pushed back-above the 160.00 level, and the question for next week is what policymakers want to do about it.
Warsh's comments accelerated the EUR/USD selloff, raising the stakes as buyers look to stabilize the broader recovery.
The dollar surged across the board after the Fed Chair Kevin Warsh surprised with a hawkish-leaning speech at the Jackson Hole summit. All the bearish dollar bets that had been accumulated since last Friday on the back of data weakness and bond market troubles had to be squared and that triggered a short squeeze rally for the dollar. Gold and silver dropped, as a result, as too did bitcoin, while US indices were giving back earlier gains.
U.S. stocks are edging lower on Friday, giving back some of yesterday's gains after Nvidia's strong outlook revived the tech trade. The focus has now shifted firmly to Fed Chair Kevin Warsh's Jackson Hole speech, with investors looking for more clarity on the outlook for interest rates.
For much of this week, the EUR/USD has been edging lower with the US dollar regaining some ground after last week’s sell-off that was triggered, in part, by the bond market worries. Investors have been unwilling to bet further against the US dollar so far this week ahead of Kevin Warsh’s keynote speech at the Jackson Hole summit, due later today.
A bullish breakout has pushed AUD/CAD to its highest level since early 2021. Whether it can clear 0.9994 may determine if the move extends well above parity.
Historical Jackson Hole returns point to elevated Nikkei 225 volatility around Fed speech day, with Nasdaq 100 direction hinging on Kevin Warsh.
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