Dollar Consolidates Gains After Warsh-Insipred Surge

The US dollar is stabilizing its recent gains after Fed Chair Warsh's hawkish comments at Jackson Hole. The last time the two-year and Dollar Index rose this much was in response to a similar hold by Warsh in June.

This week's nonfarm payroll report will be crucial, but for now, a rate hike on September 16 is not considered a done deal. Expectations for an ECB move are also rising after the first Spanish, French and German CPI releases.