Futures rise ahead of central bank action

22 Août, 2019, 16:24 | Auteur: Auguste Feret
  • Comex Gold

All eyes on Jackson Hole meeting, Fed's Powell's speech * G7 meeting also awaited for finance officials' comments * Fed minutes show officials view July cut as mid-cycle adjustment * Euro little moved by Italian PM's resignation * Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh (Adds new comments, Fed minutes, updates prices) By Gertrude Chavez-Dreyfuss NEW YORK, Aug 21 (Reuters) - The dollar advanced against the safe-haven yen and Swiss Franc on Wednesday, as risk appetite increased with global stocks and USA yields were mostly higher ahead of an annual Federal Reserve gathering later this week in Jackson Hole, Wyoming and a summit of major central banks this weekend. Market participants are waiting for any statement from the Fed and other global monetary authorities meeting at a Group of Seven summit this weekend on possible measures to lift slumping economies around the world. The minutes will give investors an insight into policy maker deliberations prior to the first U.S. interest rate cut in a decade.

The event will be followed by tomorrow's European Central Bank minutes and the Jackson Hole symposium on Friday, where the focus will turn to Fed Chair Jerome Powell's tone and signals of further easing. The interest rate futures market has priced in 100 basis points of easing over the next year.

This week's calendar includes new home sales for July, as well as minutes from the last Federal Reserve meeting. In midday trading, the dollar fell 0.3% against the yen to 106.34 yen and was down 0.3% versus the Swiss franc at 0.9792 franc. "This is definitely supportive of the dollar", he added.

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The Australian dollar was largely flat at $0.6779 after edging up 0.2% on Tuesday.

Unfortunately, the minutes will likely be considered history by now and irrelevant due to the latest developments in trade wars and the Trump Administration's announcement on the final tranche of tariffs which will place the spotlight on Powell this Friday at Jackson Hole.

The single currency dipped briefly after Italy's Prime Minister Giuseppe Conte announced his resignation on Tuesday. Collin Martin, fixed income strategist at Schwab Center for Financial Research in NY said it would be interesting to see whether Powell in his speech on Friday still characterizes July's easing as a mid-cycle adjustment or a signal for a series of interest rate cuts. Credit Agricole strategist Manuel Oliveri expects the euro to strengthen towards $1.12 by September even though the European Central Bank will struggle to exceed investor expectations for cutting rates.

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