Dollar-Yen Trapped in Range Ahead of Jackson Hole Speech
The dollar-yen pair continued to trade in a narrow range between the upper 158 level and lower 159 level on August 26. Market participants are increasingly adopting a wait-and-see stance ahead of Federal Reserve Chair Warsh's speech at the economic symposium in Jackson Hole, Wyoming.
As of 3:00 p.m. in Tokyo trading, dollar-yen stood near 159.01 yen. Despite dollar-negative factors such as falling crude oil futures prices and lower U.S. long-term yields, the pair maintained underlying firmness.
Yoshio Iguchi of Traders Securities noted that the current market is 'waiting for Fed Chair Warsh's speech at the Jackson Hole Symposium this weekend.' Iguchi analyzed that the focus will be on whether the Fed chair adjusts his hawkish stance in response to recent weak U.S. economic indicators, or whether he maintains his inflation vigilance.