The US dollar is trading lower following Fed Chair Powell’s dovish comments and disappointing durable goods orders. The Japanese yen is also underperforming as domestic consumer prices missed expectations and risk appetite slightly improves. The Australian dollar is the performer of the day among major currencies on newly-elected Prime Minister. EUR/USD – The Euro vs US dollar pair rose by 0.63% in the last 24 trading hours and traded at 1.1627, as of 17:33 London time. The US dollar plunged on dovish comments from Fed’s Powell at his Jackson Hole speech today,saying that he doesn’t expect inflation to accelerate above 2% and the economy to overheat. The core US durable goods orders, which rose 0.2% in July and missed market expectations of a 0.5% rise, also pressured the greenback in today’s trade. GBP/USD – The British pound vs US dollar pair printed a daily change of 0.31% and traded at 1.2856 at the time of writing, mostly on the back of a weakening dollar. As Brexit negotiations enter the final stage and a no-deal Brexit still possible, the pair will likely remain vulnerable to headlines in the coming period. AUD/USD – The Australian dollar experienced a rally of relief after former Treasurer Scott Morrison got elected as the new Australian Prime Minister, succeeding Malcolm Turnbull. The Aussie is outperforming all major currencies and was up 1.00% against the greenback in the last 24 trading hours. At the time of writing, the pair traded at 0.7329. Gold – XAU/USD posted one of its best days in this year after a weakening US dollar supported the yellow metal. At the time of writing, gold was up 1.60% and traded at $1,206, after opening at $1,185 today.
