Dollar steadies before Jackson Hole

The U.S. dollar remained within a limited range ahead of the Jackson Hole summit, as markets closely watched the upcoming meeting and U.S. economic data, particularly inflation indicators showing a 3.7% increase in personal consumption expenditures over the past 12 months. Meanwhile, the Japanese currency market awaited the Bank of Japan’s next move, with Deputy Governor not ruling out a rate hike next month, despite no clear signals, and odds of a rate increase rising to 86%. Additionally, inflation data has reinforced expectations that the U.S. Federal Reserve will raise interest rates before the end of the year.

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