GBP Higher Ahead of Central Bank Event

GBP Higher Ahead of Central Bank Event

GBP Higher Ahead of Central Bank Event

This week, top central bankers including the Fed's Yellen and ECB President Draghi will gather for the Jackson Hole economic symposium.

When the Fed said on Thursday that Yellen next week would use a keynote speech at Jackson Hole to address "financial stability", it was a clue to some that she may agree.

The major USA index futures are pointing to a higher opening on Tuesday following the lackluster performance seen in the previous session.

"(Federal Reserve boss Janet) Yellen looks to have just four months left in her role, possibly leaving her in a more favourable spot to raise interest rates before the end of the year".

"While there's not a lot of economic news to work with this Monday, there is still the continuation of some key macro-issues for investors to process", said Connor Campbell, a financial analyst at SpreadEx. Investors wonder when the European Central Bank may follow suit and whether Draghi will provide a steer.

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Mr Draghi himself, in 2014, grabbed most attention when he indicated that the European Central Bank was also set to launch a full-blown programme of QE.

After recovering from an early move to the downside, stocks showed a lack of direction over the course of the trading session on Monday. Still, the index is up 13.5 percent since the election.

In afternoon trading, the dollar fell 0.4 percent against the yen to 108.81 yen JPY=.

With positioning getting so stretched most major institutions have been calling for a bigger dip in EUR/USD, but so far things haven't played out as expected. The U.S. dollar has underperformed so far this year on doubts about President Donald Trump's ability to fulfil his economic agenda amid turmoil in the White House, and on the Fed's go-slow approach on tightening due to tepid inflation. Despite warnings on Euro strength from the European Central Bank (ECB) and strong United Kingdom job market data in recent sessions, the Pound to Euro exchange rate has remained weak.

In Europe, London's FTSE 100 was up 0.7 percent to 7,370 while Germany's DAX rose 0.7 percent, too, to 12,155.

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In late NY trading, the euro rose to 1.1816 USA dollars from 1.1758 US dollars, and the British pound climbed to 1.2899 US dollars from 1.2874 US dollars.

About $45bn (€38bn) of euro-dollar currency options on the exchange rate will expire in the three days leading up to the Wyoming meeting.

Jackson Hole nearly guarantees market-important information, and this year "I would bet it has to do with inflation", said Guy LeBas, chief fixed-income strategist at Janney Montgomery Scott in Philadelphia.

Dispensing equipment maker Nordson (NDSN) is also likely to come under pressure after reporting better than expected third quarter results but providing disappointing guidance.

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