Dollar Rangebound Ahead of Inflation Data, Jackson Hole Symposium

The US dollar held steady in early Asian trading on Wednesday ahead of key inflation data releases from major economies, including the PCE data for July. This week's Jackson Hole symposium has investors cautious as they await insights from central bankers and policymakers.

Oil prices declined by 2.1% to $86.68 per barrel as Iran restarted talks with Oman to manage the Strait of Hormuz. Meanwhile, the Australian dollar rose 0.1% after its trimmed mean CPI inflation measure increased at an annualized rate of 3.6%. The kiwi dollar was down 0.2% ahead of next week's interest rate decision from the Reserve Bank of New Zealand.

The US dollar index snapped a three-day winning streak and held steady at 98.918. Influential currency investor Stephen Jen called the yen's move below levels that triggered joint intervention by US and Japanese officials in the past month a 'watershed moment' for the currency. The Bank of Japan board member Naoki Tamura will attend the Jackson Hole gathering on behalf of Governor Kazuo Ueda.