ForexLive European FX news wrap: All eyes on Powell

Author: Justin Low | Category: News

Forex news from the European trading session - 27 August 2020

Headlines:

Markets:

  • AUD leads, CHF lags on the day
  • European equities a little lower; E-minis down 0.3%
  • US 10-year yields down 1.3 bps to 0.675%
  • Gold down 0.6% to $1,942.70
  • WTI down 0.8% to $43.04
  • Bitcoin down 1.3% to $11,369

EOD 27-08
It was a largely quiet session as major currencies kept in more narrow ranges for the most part with the dollar looking mixed ahead of Fed chair Powell's speech.

The dollar did gain a slight bid in the past hour or so but has very much given most of that back as traders wait on what Powell has to say later today.

EUR/USD eased from 1.1830 to 1.1794 but is now back around 1.1810-20 while GBP/USD fell from 1.3200 to 1.3165 before moving back to the figure level now.

USD/JPY got a slight nudge higher during the session from 106.00 to 106.20 but that was faded as well in a bit of a noisy movement, with the pair now around 106.00-10.

The aussie and kiwi are mildly higher but not really signifying much on the session.

Elsewhere, equities are looking more tepid and bond yields are a little lower on the day. But all eyes are on Powell so the early moves - or lack thereof - aren't telling us much.

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