USD 

The dollar traded mostly sideways as traders are taking it easy ahead of Yellen’s Jackson Hole speech.

Medium-tier reports turned out weaker than expected, with existing home sales falling in line with the downbeat trend of earlier housing reports and initial jobless claims showing a slight uptick in unemployment. US durable goods orders data is also due today but the attention is likely fixed on Yellen’s remarks. 

EUR 

The shared currency also traded carefully as Draghi’s Jackson Hole speech is also one of the more anticipated parts of the event. Some expect the central bank to drop taper clues while others think that the speech might disappoint. German Ifo business climate index is also due, along with the country’s final GDP reading. 

GBP 

The UK second GDP estimate came in line with estimates of no changes from the earlier 0.3% figure. However, the preliminary business investment reading for the quarter showed a flat reading, slower than the estimated 0.2% uptick and the earlier 0.6% increase. Also, the CBI realized sales index slumped from 22 to -10 instead of dipping to 15. There are no reports due from the UK today. 

CHF 

The franc traded sideways for the most part but gave up some gains when risk-taking returned. There were no reports out of the Swiss economy yesterday and none are due today so market sentiment could be the main driver or the franc could simply react to country-specific events. 

JPY 

The yen returned some of its recent gains as risk appetite kicked in and profit-taking took place ahead of the Jackson Hole speeches. Japan is set to print its CPI readings next, with both the national and Tokyo core CPI readings expected to show a slightly faster increase in price levels. 

Commodity Currencies (AUD, NZD, CAD) 

The Loonie was able to rake in gains against its peers even as crude oil dipped on a likely increase in output ahead of Hurricane Harvey’s landfall in Texas. Meanwhile, the Kiwi continued to slide across the board following the downbeat forecasts in the Treasury’s pre-election fiscal update. There are no reports due from the comdoll economies for the rest of the day so market sentiment could push these pairs around. 

By Kate Curtis from Trader’s Way