The USD continues to scale high ahead of Jackson Hole. At the same time, the Euro extended its fall this Monday as it remains in sight of markets following last week’s outlook on the hawkish Fed who could remain fervent in its path despite concerns around a recession.
Markets believe that inflation favors further rate hikes without inducing the U.S. economy into a recession; Fed’s Barkin on Friday affirmed this. If Jerome Powell reiterates these sentiments on Friday at the anticipated Jackson Hole Symposium, The USD will continue to drive other currencies till the end of 2023.
Today’s economic calendar holds nothing of importance for the U.S. and the eurozone. Still, tomorrow EZ PMIs will make headlines as expectations indicate another moves lower and possibly further into contractionary territory on the composite and manufacturing sides.
The surging gas prices will continue to weigh on the eurozone, and the problem might worsen with winter approaching. The ECB is saddled with the tough task of juggling inflationary pressures while the weak economic backdrop shows no signs of letting up.
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