Markets moved cautiously as traders awaited Fed Chair Powell’s Jackson Hole speech.
Key moves
- AUD led FX gains, USD rose after strong PMI data and Fed comments.
- JPY was the weakest major despite Japan’s core CPI at 3.1% (vs 3.0% expected).
- China’s CN50 index outperformed, up nearly 1% while other indices were flat.
- Commodities saw muted trading with platinum down 0.71% as the biggest mover.
Summary
Trading was subdued across all asset classes ahead of Powell’s address, with bonds showing minimal movement. The PBOC set USD/CNY mid-point at 7.1321 versus estimates of 7.1871. Japanese inflation data slightly exceeded expectations while UK consumer confidence improved to -17 from -19 prior.
(Source)
