The EUR/USD rate is moderately growing during the Asian session to the level of 1.1566. Published in the morning, data from Germany showed that in Q2 2018 GDP remained unchanged at 2% YoY. The market will focus today on the data from the United States. In addition to statistics on orders for durable goods (14:30 GMT+2), investors are waiting for Jerome Powell's speech (16:00 GMT+2) at the symposium in Jackson Hole. He will deliver a report on monetary policy in a changing economy. Orders for durable goods are expected to fall to -0.5% in July from 0.8% a month earlier.


The GBP/USD rate changed insignificantly during the Asian session and is traded near 1.2818. At 10:30 (GMT+2) investors are waiting for the publication of the BBA data on approved mortgages in the UK the for July. The indicator is expected to decline to 40.6 thousand in July from 54.541 thousand a month earlier. If this assumption is right, it will support the pound in the short term.


The USD/JPY rate shows a positive trend reaching the level of 111.32. The growth of the pair wasn't stopped by positive statistics from Japan, published today. The national consumer price index grew to 0.9% in July from 0.7% a month earlier (YoY). Today, investors will wait for the speech of the Fed's head Jerome Powell. From the speech, market participants hope to understand the further actions of the American regulator in a changing economy.


The AUD/USD rate corrected to the level of 0.7280 during the Asian session after a noticeable decline caused by the introduction of the US and China's mutual export duties. In the absence of significant economic statistics from Australia, investors will focus on news from the US and China. Since yesterday, the Australian government has banned the supply of equipment of Chinese telecommunications companies Huawei and ZTE in order to protect Australian telephone networks from an unauthorized access. If China introduces retaliatory restrictions, then AUD/USD will fall under additional pressure.


Gold quotes corrected to the area of 1187.50. In anticipation of Jerome Powell's speech, lower trading activity is expected.

Morning Market Review

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