Dollar Steady Amid Inflation Fears and Jackson Hole Anticipation
The US dollar held steady in early Asian trading on Wednesday as investors awaited inflation reports from major economies ahead of the Jackson Hole symposium. The greenback remained within a narrow trading range against most of its peers, with the PCE data for July set to be released later in the day.
The dollar index, which measures the strength of the US dollar against six currencies, snapped its three-day winning streak on Tuesday and held steady at 98.918 in early Asian trading. Oil prices slid, however, with Brent crude down 2.1% at $86.68 as Iran restarted talks with Oman to manage the Strait of Hormuz.
The Australian dollar rose 0.1% to $0.7172 after data showed trimmed mean CPI inflation at an annualized rate of 3.6%. The kiwi, however, fell 0.2% to $0.5962 ahead of an interest rate decision from the Reserve Bank of New Zealand next Wednesday.