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- European session review: USD mixed and little changed amid optimism over FDA's approval of the Pfizer/BioNTech coronavirus vaccine and calmed taper worries
European session review: USD mixed and little changed amid optimism over FDA's approval of the Pfizer/BioNTech coronavirus vaccine and calmed taper worries
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:00 | Germany | GDP (YoY) | Quarter II | -3.1% | 9.2% | 9.4% |
| 06:00 | Germany | GDP (QoQ) | Quarter II | -2% | 1.5% | 1.6% |
USD traded mixed and little changed against other major currencies in the European session on Tuesday as investors’ sentiment received a boost from the U.S. Food and Drug Administration’s (FDA) full approval of the Pfizer/BioNTech’s coronavirus vaccine and eased worries about imminent winding down of the U.S. Federal Reserve's stimulus measures.
The U.S. currency strengthened marginally against EUR, JPY and GBP, but declined against NZD, AUD and CAD.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, edged up 0.03% to 92.99.
Market participants’ focus remains on the Fed’s Jackson Hole symposium, which is set to start on Thursday, August 26, and is expected to provide hints on the future of the U.S. central bank's policy. The symposium’s theme this year is "Macroeconomic Policy in an Uneven Economy” and it will be held virtually due to coronavirus risks. The Fed’s Chairman Jerome Powell is scheduled to address the event on Friday. Markets will be listening closely, hoping to get clues on when the Fed might look to begin tapering its asset purchases.
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