Dollar Steady Ahead of Inflation Data, Cryptos Surge

The US dollar remained steady in early Asian trading on Wednesday as investors awaited key inflation data and the Jackson Hole symposium. The greenback held within a narrow range it has maintained for the past week against its major peers, ahead of the release of PCE data for July later that day.

Oil prices fell on news that Iran had restarted talks with Oman to manage the Strait of Hormuz, weighing on oil and supporting broader risk sentiment. The US dollar index snapped a three-day winning streak on Tuesday, holding steady at 98.918 in early Asian trading.

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

Cryptocurrencies continued their resurgence, with Bitcoin up 0.8% at $78,829.03 and ether up 0.7% at $2,453.10. However, gold slipped 0.5% to $4,633.94, paring its monthly gains to 15%.