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USD Continues to Decline after Yellen Speech; Hurricane Harvey causes Massive Disruptions to Texan Refineries

Published August 28, 2017
  • The US Dollar broadly weakened last Friday after US Federal Reserve Chair Janet Yellen failed to provide any specific reference to monetary tightening during her speech at the Jackson Hole Symposium in Wyoming; the US dollar index fell to its lowest level in 15 months while the Euro strengthened against the USD to the highest level in two and half years
  • Hurricane Harvey (now downgraded to a tropical storm) made landfall along the US Gulf Coast over the weekend, causing widespread disruption to numerous refineries and oil ports near Houston, Texas; US Gasoline prices moved to two-year highs as floods brought production to a standstill
  • US President Donald Trump tweeted his frustration over NAFTA this weekend, specifically stating that both Mexico and Canada were creating difficulties in the renegotiation process; USD/CAD remains weak despite Trump’s further threats to terminate the trade deal
  • Brexit talks entered a third phase as British officials are set to meet with their EU counterparts later this morning at 11:00 AM EST; talks will continue for the next two days and will conclude with a news conference on Thursday
  • Michel Barnier, head negotiator for the EU Brexit talks, stated that these talks must provide clarification on where the UK stands on key issues such as financial settlements; the British are expected to seek to achieve more than a divorce from the EU and have hinted at a desire to have greater focus on UK-EU relations after Brexit is completed