EUR/USD failed to hold onto early session gains surrendering the 1.0900 handle for a third successive day. A limited calendar over the coming days leaves EURUSD at the mercy of overall sentiment and the DXY.
put in impressive gains early in the US session before a return of Dollar strength saw the pair surrender the 1.0900 handle once more to trade at 1.0872 at the time of writing.US data this afternoon showed that initial jobless claims declined by only 11k and came in at 239k following a revised print of 250k last week. The Philly Manufacturing Business Outlook smashed estimates following on from yesterday's positive retail sales data but failed to arrest the Dollar’s slide.
The DXY for its part remains below the long-term descending trendline which is key as we head toward the weekend with the Jackson Hole Symposium kicking off next week as well. Could the Fed spring a surprise at Jackson Hole which did not disappoint last year and could get markets out of its August malaise.From a risk event perspective there isn’t a lot on the horizon for the US over the next week or so in the lead up to the Jackson Hole Symposium.
Tomorrow brings the Euro Area inflation final number which may stoke volatility should there be a significant change from the preliminary number. However, should the print come in as expected EURUSD could be driven by overall sentiment heading into next week.
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