Dollar Rangebound as Markets Await Inflation Data and Jackson Hole

The US dollar has been trading in a narrow range ahead of key inflation data releases and the Jackson Hole symposium. The greenback's strength against its major peers remained steady at around 98.918, according to the US dollar index. This comes after the dollar snapped a three-day winning streak on Tuesday.

Oil prices took a hit as Iran restarted talks with Oman to manage the Strait of Hormuz and diplomatic negotiations between Washington and Tehran stalled. Brent crude dropped by 2.1% to $86.68. The Australian dollar rose 0.1% to $0.7172 after data showed the trimmed mean CPI inflation measure increased at an annualised rate of 3.6%.

The Canadian dollar, however, saw the US dollar weaken by 0.1% against it to C$1.38405 per dollar. This follows Ottawa's retaliatory tariffs on $20 billion worth of US imports and aid for businesses and workers after trade talks collapsed last week.