Another gloomy week saw the Greenback tumble to five-month lows near 103.20, extending its breach of the key 200-day SMA as investors continued to assess the probability of a 50 bps rate cut in September following the disappointing US NFP in July, the FOMC event, and renewed and rising concerns over a potential slowdown of the US economy.
A glimpse at next week’s docket highlights the RBA interest rate decision, some Fed speakers, and key releases in the service sector. The US Dollar Index maintained its downward bias in place well south of the 104.00 barrier, retreating for the second week in a row. The final S&P Global Services PMI is due on August 5, seconded by the ISM Services PMI.
The final S&P Global Services PMI comes on August 5, while the BRC Retail Sales Monitor and the S&P Global Construction PMI are expected on August 6. The Halifax House Price Index will be unveiled on August 7, and the RICS House Price Balance is due on August 8. USD/JPY collapsed to five-month lows and retested the 147.00 neighbourhood following the strong decline in the US Dollar and declining US yields. The final Jibun Bank Services PMI is due on August 5 followed by the BoJ Minutes.
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