Dollar Steady as Markets Eye US Inflation Data Ahead of Jackson Hole

The US dollar remained range-bound in Asian trading on Wednesday, awaiting US inflation data that will set the tone ahead of the Jackson Hole symposium. The greenback was up 0.1% at 98.988 against a basket of six currencies.

However, analysts from Standard Chartered believe it will suffer near-term due to an 'incongruous intervention strategy' by the Treasury Department. This may lead to more appetite for carry trades and further downward pressure on the dollar.

The Aussie dollar climbed 0.3% to $0.7183 after data showed a quicker-than-expected rate of 3.6% year-on-year in the trimmed-mean CPI gauge, the Reserve Bank of Australia's preferred measure of cost-of-living pressures.