In addition, the risk appetite was higher this week compared to previous weeks as the S&P 500 rose yesterday to a record peak at 1993.54 taking back all previous losses. The Dow Jones Industrial Average Index also closed higher by 0.36%, at 17039.49, approaching cap at 17142.50 before record peak. Upbeat US data supported the US stocks, like the stronger Philadelphia Fed Manufacturing Index, the more than expected Existing Home Sales and the higher than projected Manufacturing PMI for August. That also raises the possibility of an earlier Fed rate hike which in turn would further support the greenback. We remain focus at the Jackson Hole speech of Janet Yellen today. The recent retracement of the greenback could just be a good opportunity to reposition on the long side.
Elsewhere, the Euro rebounded against the US dollar to support at 1.3296 as investors were collecting profits ahead of Jackson Hole main speeches; ECB President is among the speekers. The British pound against the greenback remained under selling pressure due to weaker than expected UK Retail Sales. The cable currency couple dropped yesterday to almost new 5-month bottom at 1.6562 and is currently hovering above its new support level. The US dollar against the Canadian retreated to 1.0926 on Thursday trading due to strong resistance at 1.0985 weighing on prices. On the data front, we expect the Canadian CPI data and Retail Sales.
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