Forex Today: Dollar down as investors await Jackson Hole

What you need to know on Tuesday, August 24:

The dollar edged lower against all of its major rivals, as stocks recovered their shine. The coronavirus situation in the US seems to have worsened, which in turn, would mean continued financial support from the US Federal Reserve.

Wall Street posted substantial gains, while US Treasury yields ticked higher intraday, but ended the day little changed.

Markit published the preliminary estimates of its August PMIs for the EU, the UK and the US. The figures indicated expansion, but the pace of the recovery is slowing.

The EUR/USD pair trades around 1.1750 while GBP/USD recovered up to 1.1730. Commodity-linked currencies were the best performers, as gold jumped to $1,804 a troy ounce. Crude oil prices also recovered ground, with WTI settling at $65.40

 The US FDA approved the Pfizer vaccine.

The macroeconomic calendar has not much to offer this week, which may keep major pairs within familiar ranges, ahead of the Jackson Hole Symposium and US Federal Reserve chief Jerome Powell’s words.

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