Jackson Hole provides little in the way of monetary policy update

30 August 2017, 01:39 | Andres Norman

What Yellen and Draghi did not say speaks volumes

Janet Yellen chair of Board of Governors of the Federal Reserve System left and Mario Draghi president of the

As reported at 11:26 am (BST) in London, the EUR/USD was trading at $1.1935, a gain of 0.10%; the pair had earlier hit a peak of $1.1966, the highest price since January 2015 while the session low stands at $1.19150/.

French household consumption grew by 0.7% month-on-month in July, alongside 0.5% quarter-on-quarter GDP growth in the euro area's second-largest economy for the three months to June, according to INSEE.

The remarks disappointed some investors who had hoped for hints on the Fed's plans for interest rates, though most analysts had not expected Ms Yellen or Mr Draghi to shed new light on policies.

Yellen did not choose to offer any kind of support to the falling dollar in her speech on Friday and this was a clear signal to the markets to begin their next round of selling in the dollar.

However, Draghi made no mention of monetary policy or the shared currency in his Jackson Hole speech. However, you should not rely on "shock" scenario, as banks take into account the experience of previous generations and carry out their policies fairly gently, said Sergei Kozlovsky.

Whatsmore, the ECB President did not show any concern about the current strong euro, Meier says. It's unclear how bad the damage is to facilities along the state's Gulf Coast but preliminary signs indicate widespread losses, which will have implications for the USA economy and oil and gas prices.

On Wednesday, Building Permit data for July will be released.

The U.S. president has also been taking aim at the Dodd-Frank Act, the 2010 law enacted in response to the financial crisis, which he and congressional Republicans blame for handicapping the U.S. economy. Or on the proposed reduction of the central bank's balance sheet.

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Markets now bet that there is a 66% chance the Fed will leave interest rates frozen until 2018.

"We continue to believe that current euro strength expresses exaggerated speculation on European Central Bank monetary policy normalisation, while we still expect a Fed rate hike in December, based on cyclical strength and a recovery in inflation ahead".

Hurricane Harvey has been wreaking havoc in one of the US' most populous cities with floods and storms.

The coming days will see the publication of various key Eurozone and US ecostats, meaning the EUR USD exchange rate could see shifts in direction. Shares in Hannover Re were fell 1.3 per cent and Munich Re 0.9 per cent.

The consumer confidence index climbed to 110.8 in August from 106.9 in the previous month.

In parallel, gold futures for December expiry shot up by 1.12% to $1,330.20/oz. on COMEX as the greenback fell by 0.74% against the Japanese yen to 108.44, which is traditionally seen as a safe haven currency. German and Eurozone unemployment is predicted to stagnate on Thursday, so this could leave the inflation stats as the main influencer.

Since early March 2017, the United States dollar and gold have been tightly interconnected, with the dollar weakening and gold gradually gaining in value.

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