• EUR/USD drove further into fresh highs for the year on Wednesday.
• FOMC looks more likely to lean into September rate cuts after Meeting Minutes release.
• EU, US PMI figures still loom ahead on Thursday, as well as Jackson Hole.

EUR/USD pushed further into the high end on Wednesday, breaching 1.1150 and finding fresh 13-month highs on approach to 1.1200 as Fiber bids surges on broad Greenback weakness. The US Dollar is softer across the board in the midweek market session as investors continue to pile into bets that the Federal Reserve (Fed) will be forced to kick off a rate-cutting cycle in September.

According to the Fed’s latest Meeting Minutes, policymakers noted that discussions of when to deliver rate cuts to pleading market participants had already begin in July, further firming up odds of at least a quarter-point trim on September 18. In true market participant fashion, rate markets bolstered their bets of a double cut  from the Federal Open Market Committee’s (FOMC) September meeting, with rate traders pricing in nearly 40% odds of a 50 bps trim on September 18.

Pan-European Purchasing Managers Index (PMI) activity survey results are expected early Thursday, with the EU Manufacturing and Services PMIs for August both expected to hold steady, at 45.8 and 51.9, respectively. 

US Purchasing Manager Index (PMI) business activity survey results are slated for release on Thursday, as well as the kickoff of the annual Jackson Hole Symposium which is set to run through the weekend. Wednesday will deliver the Federal Reserve’s (Fed) latest Meeting Minutes, but market forces will broadly be looking ahead to Thursday’s outings for reasons to move.