USD in the spotlight: latest news

Gold concluded the last trading session of the week with a gain exceeding 1%, approaching the $3,400 mark, fueled by expectations surrounding new monetary policies.

Gold (XAU/USD) prices rose to $3,373, driven by a dovish stance from Federal Reserve Chair Jerome Powell and strong demand from central banks. The key support level is at $3,342, while resistance is positioned at $3,405 and $3,433.

Gold prices have surged past the 50-day moving average following signals from Federal Reserve Chairman Jerome Powell regarding the possibility of rate cuts. This increase in gold's value is supported by a weakening dollar and declining yields, enhancing the bullish outlook for the precious metal.

Gold concluded the previous week positively, climbing above the $3,370 mark after comments made by Powell at the Jackson Hole conference.

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Westpac forecasts that the Euro to Dollar (EUR/USD) exchange rate will reach 1.20 by the end of 2026. Despite a strong rally following the unexpected August US jobs report, the exchange rate has struggled to surpass the 45-month highs.

Market analysts anticipate that the dollar's trajectory will be influenced by Federal Reserve Chair Jerome Powell's upcoming remarks at Jackson Hole. Following his speech, the dollar is expected to move consistently in that direction until additional U.S. economic data is released next week.

EUR/USD has risen to 1.1718 following a dovish speech by Powell, which weakened the dollar. The key support level is at 1.1690, while resistance is noted at 1.1750 and 1.1829, which will determine the next movement.

Analysts predict a mixed outlook for the Pound Sterling. They anticipate a strengthening of the Pound against the Dollar, while the forecast against the Euro remains less favorable.

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Silver prices (XAG/USD) have declined, trading at approximately $38.10 per troy ounce during the Asian session on Friday, following gains in the previous trading session.

The weekly forecast for EUR/USD has become optimistic following dovish comments from the Federal Reserve Chair regarding potential rate cuts.

The JPY/USD exchange rate has fallen to 0.00680 following the Federal Reserve's cautious approach. The yen is facing pressure due to a divergence in monetary policy, with support at 145.85 and resistance at 150.

The US Dollar Index (DXY) has declined as Federal Reserve Chair Jerome Powell indicated that interest rate cuts may be on the horizon. Following his dovish speech at the Jackson Hole economic symposium, traders are now anticipating a 91% likelihood of easing measures in September due to concerns regarding labor market risks.