The dollar hovers near its two-month high peak ahead of PMI data
The US dollar trades near its two-month peak touched last week as traders await the Jackson Hole Symposium starting on Thursday.
The US dollar
The USD trades near its two-month peak touched last week as traders await the Jackson Hole Symposium starting on Thursday. Throughout the day, published the latest purchasing managers' index (PMI) data for the month of August.
Europe economy overview
In Europe, two indicators will be particularly interesting. Germany's manufacturing activity has been contracting for the past 16 months and is now at its lowest since May 2020. Economists expect it to degrade further, to 38.7 after 38.8 in July. UK manufacturing the purchasing managers' index (PMI) is also forecast to contract further. The index is expected to reach 45 in August.
Eurozone consumer confidence
Last month, it fell to 45.3, its lowest level in three years. At 3 p.m., eurozone consumer confidence is anticipated to rise to -14.3 in August from -15.1 the previous month. Also at 3 p.m., US new home sales are forecast to fall by 1.6% in July compared to June.
NVIDIA
NVIDIA, one of Wall Street's favourites since it has been surfing the Al wave ahead of all its competitors, reported on Wednesday after the US closing bell. Earnings per share are expected to come in at $2.07 per share on $11.07 billion. A year ago, the group posted earnings of 58 cents per share on revenue of $5.93 billion. Traders and investors also await reports from Peloton Interactive, Snowflake, and Foot Locker.
Crude oil stocks
On Tuesday evening, the latest data from the application programming interface (API) showed a 2.4 million barrel drop in crude oil l stocks. Gasoline inventories fell by 150,000 barrels, and distillates rose by 1.9 million barrels. Iron ore rally continues on growing optimism in China.
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