All eyes of Jackson Hole
Although we have a very light data calendar this week it appears that we may be at a T-junction for risk appetite and the Greenback. The weekend’s Jackson Hole symposium should provide some clarity on monetary policy of the major Central Banks. The market is currently pricing in less than a 40% chance of an interest hike by the Federal Reserve this year in contrast to their official stance. Should Janet Yellen reaffirm the Fed’s commitment to gradual policy normalisation this could result in relatively drastic moves in both the Dollar and equity markets. Such a risk off move would also likely be bad news for the AUD in the immediate term.
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