Here’s what you need to know on Thursday, August 29
US Dollar Price This Week
The table below displays the percentage change of the US Dollar (USD) against major currencies this week. The US Dollar showed the most strength against the Euro.
The US Dollar (USD) gained strength on Wednesday as markets adopted a cautious stance. After hitting its lowest point in over a year near 100.50 on Tuesday, the US Dollar Index rebounded by nearly 0.5% before stabilizing around 101.00. Meanwhile, US stock index futures showed mixed performance as investors evaluated Nvidia's quarterly earnings report, revealing that the chip giant's revenue more than doubled from a year ago, reaching a record $30 billion for the three months ending in July.
EUR/USD reversed its direction on Wednesday, coming within a few pips of 1.1100. While the pair held steady early Thursday, it struggled to regain upward momentum. As of the latest update, EUR/USD was trading slightly higher on the day at around 1.1130.
GBP/USD lost its bullish momentum on Wednesday, dropping over 0.5%. However, the pair rebounded during the European morning session, trading above 1.3200.
USD/JPY saw modest gains on Wednesday but remained within its weekly range. The pair continued to fluctuate in a narrow band above 144.50 during early European trading. Earlier in the day, data from Japan showed that the Consumer Confidence Index remained unchanged at 36.7 in August.
Gold prices dipped below $2,500 during American trading hours on Wednesday but managed to close the day above this critical level. XAU/USD edged higher toward $2,520 on Thursday.
In New Zealand, the ANZ Business Confidence Index saw a significant improvement, rising sharply to 50.6 in August from 27.1 in July. After a slight pullback on Wednesday, NZD/USD gained bullish momentum and was last seen trading near 0.6300, its highest level since early January.
