Dollar falls after Yellen’s and Draghi’s Jackson Hole speeches | IFCM
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Dollar falls after Yellen’s and Draghi’s Jackson Hole speeches

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US stock markets advanced last week in thin trading while the US dollar index of ICE futures exchange inched lower as no new details were revealed about future monetary policies of the Federal Reserve and European Central Bank at Jackson Hole symposium. The SP 500 ended the week 0.7% higher and the US dollar index fell 1% for the week. While President Trump’s controversial comment he was ready to shut down government to get funding for Mexico border wall unsettled markets, reports that White House is making progress preparing the tax overhaul with congressional leaders supported the stock market.

The SP 500 slipped on Monday but rebounded 1% next day on news White House makes progress with Congress on tax system overhaul. USDIDX rose 0.4%. SP 500 fell 0.4% on Wednesday as President Trump commented at a rally in Arizona he is ready to shut down the government if Congress provides no funding for a border wall with Mexico estimated to cost $1.6 billion. Trump also mentioned he could terminate the North American Free Trade Agreement with talks still underway. 2 SP 500 slipped 0.2% while USDIDX rose 0.1% on Thursday as Dallas Fed president Kaplan signaled that another rate hike at the end of the year was not a given since the central bank could afford to be “patient” and see if inflation pressures pick up.

The dollar index fell 0.8% and SP 500 ended up 0.2% on Friday as neither the Federal Reserve’s nor ECB’s president provided any additional detail about central bank’s plans for monetary tightening in their Jackson Hole speeches. The main events this week which may cause heightened volatility are: the second-quarter GDP reading on Wednesday, July inflation data on Thursday, and August jobs data on Friday.

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