Dollar Steady Ahead of Jackson Hole as Yen Fails to Signal Rate Hike
The U.S. dollar traded in a narrow range on Thursday ahead of the Jackson Hole symposium, while the yen held steady after BOJ Deputy Governor Ryozo Himino's speech.
Himino did not rule out a rate hike next month but stopped short of explicitly signaling one. This lack of clarity led to some market participants concluding that his remarks were not dovish, although they also noted the absence of a clear signal means there is still a chance the yen could come under renewed downward pressure.
The euro was up 0.07% against the dollar at $1.1657, while the British pound traded at $1.3592.
In related news, the Bank of Korea raised its benchmark interest rate by 25 basis points to 3.00%, a second straight increase. This move saw the Korean won gain 0.48% against the dollar to 1,378.7 per dollar.