Dollar Holds Steady Ahead of Inflation Reports, Jackson Hole

The US dollar held steady in early Asian trading on Wednesday as investors awaited inflation reports from major economies, including the US ahead of the Jackson Hole symposium this weekend.

The greenback remained within a narrow trading range against most of its major peers as it awaits the release of PCE data for July later on Wednesday.

Signs of Middle East de-escalation, including plans to return US diplomatic staff to the region and efforts to reopen the Strait between Iran and Oman, weighed on oil prices and supported broader risk sentiment, according to Westpac analysts.

The US dollar index (DXY) snapped a three-day winning streak on Tuesday and was holding steady at 98.918 in early Asian trading.