Dollar Rangebound Ahead of Inflation Data and Jackson Hole

The US dollar has been stuck in a narrow trading range ahead of key inflation data and the Jackson Hole symposium. According to Reuters, the greenback remained pinned against most of its major peers for the past week, waiting for the release of PCE data for July.

Meanwhile, signs of Middle East de-escalation have weighed on oil prices, supporting broader risk sentiment. This has led to a 2.1% drop in Brent crude prices to $86.68.

The Australian dollar rose 0.1% to $0.7172 after the release of data showing trimmed mean CPI inflation measuring 3.6%, while the kiwi dollar fell 0.2% ahead of an expected interest rate hike from the Reserve Bank of New Zealand.