On the Macro
For the Dollar, key stats for the week include July existing home sales figures due out on Wednesday, new home sales and August prelim private sector PMI numbers on Thursday and July durable goods orders on Friday. FOMC meeting minutes due out on Wednesday and Jackson Hole Speeches on Friday will also influence, though it may boil down to Trump and geo-political risk. The Dollar Spot Index ended the week down 0.27% at $96.101.
The shared currency keeps the bid tone intact at the beginning of the week, with EUR/USD advancing moderately towards the 1.1700 handle.
Crude Oil prices fell late on Friday’s session following reports that the Trump administration is actively considering a release from the Strategic Petroleum Reserve (SPR), which is the world’s largest oil stockpile. The options that are under review range from an initial test of 5mln barrels followed by a release of 30mln barrels, whereby the release could come ahead of the US midterm elections in November.
Do you know that there is a big crisis in South Africa right now? Current President Jacob Zuma is facing the requests to leave his post because of the corruption scandal, but foe now the situation is hanging up in the air as Zuma doesn’t agree with the ruling party and calls their requests “unfair”.