Dollar Rangebound Ahead of Inflation Data, Jackson Hole

The US dollar maintained its narrow trading range against major peers in early Asian trading on Wednesday as investors awaited inflation data and the Jackson Hole symposium.

The greenback remained stable at 98.918, snapping a three-day winning streak the previous day, while oil prices slid with Brent crude down 2.1% at $86.68 due to signs of Middle East de-escalation and diplomatic negotiations between Washington and Tehran remaining stalled.

The Australian dollar gained 0.1% at $0.7172 after data showed trimmed mean CPI inflation rose at an annualised rate of 3.6%, while its kiwi counterpart declined 0.2% at $0.5962 ahead of an interest rate decision from the Reserve Bank of New Zealand next Wednesday.