August 24, 2018 01:20: Theme lacking, but overall dollar appreciation [From Rimura Tomo’s newsletter]
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The Jackson Hole Conference opened yesterday on the 23rd. Tonight a talk by FRB Chair Jerome Powell, which is attracting market attention, is being covered in GogoJungle’s investment newsletter “Shima Rikio’s Practical Real-Time Trades,” where Shima writes the following.
The next focus is the Jackson Hole Symposium. Chair Powell will speak at 23:00 local time on the 24th (10:00 local time). He is under public pressure from President Trump not to raise rates. Therefore, he may tuck in a response to that somewhere in tomorrow’s speech.
However, Jackson Hole is an economic symposium and not a policy-making venue. It was the same last year. It is questionable whether an appropriate response will come out.
Many market participants want to gain some information. If possible, they would like to buy dollars if there is a sharp irony toward President Trump or a case made for the necessity of a rate hike. But as chairman, he will not give lip service to the audience watching and waiting. He is unlikely to take actions that would deliberately upset President Trump.
“Shima Rikio’s Practical Real-Time Trades” (Shima Rikio) quoted.
Shima-san currently holds long positions in EUR/USD and EUR/JPY, but he is also considering converting EUR/USD into EUR/JPY. (Editorial staff)
EUR/JPY, daily chart.
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