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Market Update

EncoreFX’s daily market updates are written by our experienced and professional dealing team.

The Aussie continues its rally ahead of Jackson Hole symposium

Published August 21, 2018

Author: Dennis Li

With continued support and optimism over the upcoming US-China trade talks, the Aussie was up another 0.47%, staying above the 0.7300 handle against the USD. The greenback fell on Monday after US President Trump criticised the pace of the Fed’s interest-rate hikes, Trump prefers Powell to be a cheap-money Fed Chairman.

  • Jackson Hole Symposium held on the 24 August is an annual symposium sponsored by the Federal Reserve Bank of Kansas City since 1978. The symposium focuses on important economic issues that the U.S. and world economies face. Participants include prominent central bankers and finance ministers, as well as academic luminaries and leading financial market players from around the world. This year’s topic is ‘Changing Market Structure and implications for Monetary Policy’
  • According to CNBC, US President Trump said that he had ‘no time frame’ for ending the trade dispute with China and that he did not anticipate much coming from the trade talks with Chinese officials later this week in Washington.
  • Turkey has initiated a dispute complaint with the World Trade Organisation (WTO) against the additional tariffs imposed by the US on Turkish steel and aluminium imports.
  • Greece formally exited its third and final bailout programme overnight, it is no longer depending on European Aid and can borrow at market rates like other EU countries.