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Jackson Hole: Fed is not tapering just yet; US dollar retreats.


Last Week Risers & Fallers:

Royal Dutch Shell PLC ADR Class B (NYSE: RDS-B) – Tropical storms in the Mexican Gulf is disrupting supply, shares of RDS-B was up 2.4% Friday.

VISA (NYSE: V) –  Visa’s share price had declined by 5.8% since its earnings report one month ago.

Gold futures – Gold futures were up by $24.30, or 1.4%, to $1819.50 per ounce on Friday. From a technical analysis point, gold is at a resistance level of $1820, at the 200-day moving average. The next key price targets are $1835 to $1840.

EURUSD  – EURUSD reached a high of 1.1801 and closed a few pips below. The US dollar has been weaker after the Fed’s speech during the Jackson Hole symposium. The central bank has not yet given the anticipated timeline for tapering.

Major events to watch:

CANADA (CAD): GDP (QoQ) –  Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and health of the economy. Canada’s last GDP was 5.6% in June, lower than the expected 6.7%. The report is due Tuesday, 31 August at 14:30 GMT+2.

AUSTRALIA (AUD): Retail Sales – Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the leading indicator of consumer spending, which accounts for the majority of overall economic activity. The last number was -2.7%, which was worse than the estimate of -2.3%.

The report is due Friday, 3 September at 03:30 GMT+2.

USA (USD): Nonfarm payroll (NFP) – measures the change of the number of employed people during the previous month; this excludes farmworkers. The last report for July was 943,000 jobs added. This was better than the forecast of 870,000. Traders closely follow NFP. A higher than forecasted data could be bullish for the USD, whereas a lower value means bearish for the USD.  NFP is reported Friday, 3 September at 14:30 GMT+2.

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