From Marc Chandler at Bannockburn Global Forex:
Overview: The dollar stalled after mostly extending this week's gains against the G10 currencies on the back of firmer US rates. The key event ahead of the weekend is Fed Chair Powell's speech in Jackson Hole (10 am ET). The greenback appreciated against all the G10 currencies this week, with the Antipodeans and sterling off more than 1% and the yen and euro not far behind. Emerging market currencies are mixed today, but on the week only a handful have managed to gain on the greenback, including the Chinese yuan and Mexican peso.
The 10-year JGB yield rose five basis points this week and finished the week slightly above 1.60%, a new high since 2008. Most European benchmark yields are little changed today and mostly slightly firmer on the week. The 10-year UK Gilt yield is up a couple of basis points today to a new high for the week, near 4.75%. It has not been higher since May. The US Treasury yield is firm near 4.34%, near the level for the week. The month's high was around 4.40%. The MSCI Asia Pacific Index snapped a four-day slide today. Japan, China, Hong Kong, and South Korea led the advance. Of note China's CSI300 rose by 2.1% today (4.2% for the week), which is the largest gain since March. Europe's Stoxx 600 slipped fractionally yesterday, the first loss of the week, but is firmer today. The three-week rally has brought it to five-month highs. US index futures are trading with a higher bias. The S&P 500 has a five-day losing streak in tow. Gold is trading softer around $3330. It needs to close above $3336 to avoid its second consecutive week decline. October WTI reached a two-week high near $63.80 today but met sellers that pushed to back toward $63.30. Still, it settled slightly below $62 last week.
USD: Stronger than expected preliminary PMI and New US house sales last month and stronger than expected existing home sales offset the bigger jump in weekly initial jobless claims in three months and a sharp drop in the Philadelphia Fed survey. US rates rose around five basis points. The Dollar Index rose to a nine-day high today near 98.85. If sustained today, it will be the fifth consecutive session that the Dollar Index held above the previous session's low....
....MUCH MORE
