Dollar Stalls After Hawkish Fed Speech: 5 Key Currency Pairs

The US Dollar Index has stalled after Federal Reserve Chair Kevin Warsh's keynote address at the Jackson Hole Economic Symposium on August 28, 2026. The speech led to a sharp repricing toward a more hawkish Fed funds futures market, tightening global financial conditions.

According to OANDA, this shift in expectations drove a bear flattening across the US Treasury yield curve. However, the DXY has entered a sideways chop near key resistance at 100.54.

The most compelling macro risk/reward opportunities over the next multi-week horizon lie in FX crosses rather than direct USD pairs. Five currency pairs to watch in September are AUD/NZD, EUR/AUD, EUR/GBP, GBP/JPY, and CHF/JPY.