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Canadian dollar update – Thursday August 27, 2020. Markets' asleep ahead of Powell Speech.

Canadian dollar update – Thursday August 27, 2020. Markets' asleep ahead of Powell Speech.
Arif Harji
by Arif Harji on August 27, 2020

CURRENCY MARKET UPDATE

FX & market recap:

Jerome Powell’s 9:10 ET speech is expected to provide markets with much-needed long term guidance. There are some risks that Powell’s remarks will not be nearly as dovish as markets anticipate. However, some of the predictions were likely leaked from the Fed.

There were not any economic reports of note released overnight except for Swiss Q2 GDP (-9.3% y/y). Hurricane Laura hit the Gulf Coast as a Category 3 storm which underpinned crude prices on supply disruption concerns.

Stock markets in Europe are a little worse for wear and S&P futures are trading in negative territory. None of the markets are moving with any conviction.

Today’s US weekly Jobless claims data may spook markets if claims are higher than last week’s 1.104 million increase. However, the reaction may be muted ahead of Powell’s remarks.

There really isn’t anything else to add until Powell takes the stage (virtually).

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