Dollar Under Pressure Ahead of Nvidia Earnings and Jackson Hole

The US dollar remains under pressure as investors await Nvidia's earnings report and the Federal Reserve's Jackson Hole symposium. The dollar index, which measures the currency against a basket of six peers, has fallen by roughly 2% over the past month, marking its weakest level since early 2024.

Nvidia's quarterly results are expected to influence global equity markets and currency flows. Analysts note that a strong earnings beat could boost risk appetite, potentially weighing further on the dollar as investors seek higher yields elsewhere.

Federal Reserve Chair Jerome Powell is set to speak at the Jackson Hole Economic Symposium on Friday, and his remarks will be scrutinized for any signals regarding the timing and pace of rate cuts. A September cut is largely priced in, but the market is looking for clues about the trajectory beyond that.