Global stocks and commodities rebounded ahead of one of the most awaited economic events of the week Jackson Hole symposium, which starts on Thursday. As per the recent report, this year’s symposium would be moving over to a virtual format instead of in-person gathering.
Jackson Hole symposium is known as the elite summer camp which is open for central bankers and economists all over the globe. The summit tends to lead to significant moves for currencies and Indices. The event is a big opportunity for central bank’s policymakers from around the world to come together and discuss the current issues of the economy, potential policy tightening, amid fresh outbreaks of different variants of the coronavirus.
Attention is on Powell
Most of the focus is likely to center on the earth’s most influential central banker Fed Chair Powell’s speech. His comments could spark some light on the start and speed of the Fed’s tapering program.
The US dollar index was trading below 93 against a basket of currencies on Wednesday, especially the pound made a run above the 1.37 mark again, however, there was not enough upside momentum to keep it there. While if the dollar regains strength on the back of further talk about tapering, we could see an extension to the weakness in Pound, Gold and Oil.
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