FX intervention and shifting monetary policy dynamics push the pair lower, but now is the moment of truth for its path as the BoJ and the Fed decide on rates.
SPX500 maintains its upside bias but its trajectory will be shaped by key events this week, including Oracle earnings, oil prices, the CPI print and the deficit update.
After its best week since July, USOIL rises again today after the US struck Iranian tankers following attacks on its warships, raising escalation fears.
Tesla launched its purpose-build the Cybercab in a closed-door event, leaving major questions unanswered regarding the rollout, regulatory compliance, and whether it will be sold to the public.
The pair declines after the central bank of New Zealand raised rates for a second straight time but offered dovish guidance.
XAU/USD extends its decline after Fed Chair Warsh offered hawkish signals in his Jackson Hole debut, with markets now pricing in a September hike.
Shares of Salesforce jumped after strong revenue guidance which, alongside a deepening Anthropic partnership, helped mitigate SaaSpocalypse worries - but AI disruption risks do not go away.
USD/KRW slips as the BoK delivers back-to-back hikes to contain inflation driven by the energy shock and the AI boom.
Markets want Warsh to clarify how firmly the Fed will fight inflation, how much weight it gives higher bond yields, and what would trigger another rate hike.
The SPX500 rally stalls as markets look to Nvidia earnings, PCE update and Warsh speech - events that can shape its trajectory and fuel volatility.
UKOil remains technically bullish, but its next major move hinges on Hormuz disruption and tougher US sanctions on Iran.
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