Markets This Week: Dollar Pulls Back, Wall Street Stays Near Highs - 8.17

The US Dollar has lost a bit of momentum since investors are expecting fewer rate hikes, and that's giving other currencies some breathing room.

The Australian dollar is sitting around 0.71, holding onto small gains while everyone waits on Australia's next jobs report. Commodity prices swinging around are keeping it from moving too far in either direction.

The Euro and British Pound are flat against each other around 0.85 — the UK economy has been steady, so the pound isn't budging much, and the euro's quiet too.

The Euro against the Dollar is near 1.15 and could be gearing up for a bigger move, since the dollar's been pulling back after weaker inflation numbers came in.

Dollar against the Japanese Yen is holding steady near 159.35. Japan's economy is growing, but people aren't spending as much as expected, which makes it tricky for Japan's central bank to raise rates — and that's putting a little pressure on the yen.

The Dow is around 53,930, down slightly for the week and breaking a two week streak of gains, more economically sensitive stocks took a pause.The Nasdaq is near 26,435, still being pushed up by big tech, especially all the demand around AI hardware and infrastructure. S&P 500 is close to record highs at 6,837, with good earnings and cooling inflation giving investors confidence to keep buying dips.

Australia's ASX 200 slipped back to around 9,120 after touching record highs recently, as company earnings came in mixed.

The UK's main index is holding steady around 10,798, getting a little boost from better than expected UK growth numbers.
Japan's Nikkei is edging up around 29,730, holding up okay.

Oil prices are up, driven by tension overseas and supply decisions.
Brent crude is around $87.14 a barrel — Middle East tensions are keeping prices from falling too much, even though there's still worry about demand longer-term.
WTI is near $81.45, bouncing back a bit as the market weighs geopolitical risk against a slowing broader economy.

The crypto market is moving sideways in a consolidation phase.

• Bitcoin trading around $63,400. BTC is holding firm inside its recent range, taking a breather along with other risk assets.
• Ethereum is floating near $1,885. ETH continues to consolidate while developers and long-term holders watch ongoing network upgrades unfold.