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Forex Today: anxiety rules as Jackson Hole Symposium kicks in

Here is what you need to know on  Friday,  August 23rd:

-Sterling was the shining star of the day, soaring over 100 pips against the Dollar following comments from German Chancellor Angela Merkel, indicating that something can be done to prevent a hard-Brexit in the upcoming 30 days. French President Macron, however, insisted on protecting the Union.

–  Better-than-expected EU data failed to boost the EUR. The EUR/USD pair met sellers once again at around 1.1110, a critical Fibonacci resistance, as despite positive, the EU and German PMI indicated that the economy continued to underperform.

– US Services PMI contracted to 49.9, its lowest in almost a decade.

– Hawkish comments from Fed’s officials suggest the Fed won’t act to prevent a recession. The US yield curve inverted once again intraday, triggering risk-off. Wall Street retreated sharply after a robust start to the day.

– Commodities edged lower, with gold battling to retain the 1,500.00 level, and oil dragged lower by the usual market concerns about growth.

– The Jackson Hole Symposium stated and policymakers’ words are being closely watched and quickly priced in.  

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