Pivot to Jackson Hole

SINGAPORE (Reuters) – The dollar held steady against a basket of currencies on Tuesday, with traders focusing on the annual central banking conference in Jackson Hole this week for insights on the outlook for monetary policy.

The dollar index last stood at 93.101 .DXY, having retreated from a three-week high of 94.145 set last Wednesday.

The near-term focus is on a speech by U.S. Federal Reserve Chair Janet Yellen on Friday at the Fed’s annual central banking conference in Jackson Hole, Wyoming.

If Yellen’s speech increases market expectations that the Fed will raise interest rates in December, that could prompt investors to unwind bearish bets against the dollar, and lend the greenback some support, said Stephen Innes, head of trading in Asia-Pacific for OANDA in Singapore.

“This could be a platform for the U.S. dollar,” Innes said, referring to the Jackson Hole conference.

Reuters

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Stephen Innes

Stephen Innes

Senior Currency Trader and Analyst at OANDA
Stephen has over 25 years of experience in the financial markets and specializes in Asian currencies at OANDA. After having started his trading career with NatWest Bank, he is currently based in Singapore as a Senior Currency Trader and Analyst with OANDA, focusing on the movement of the Aussie Dollar and ASEAN Currencies. Stephen has an extensive trading experience in Interest Rate Futures, Money Markets and Precious Metals. Prior to joining OANDA, he worked with organizations like Cambridge Mercantile, Nat West, Garvin Guy Butler, Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes
Stephen Innes

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