The currency market is subdued amid a lull in summer volatility and ahead of the Fed's central bank symposium at Jackson Hole, Wyoming, this week, said currency strategist Christopher Wong at OCBC in Singapore. With traders reluctant to place major bets, the spotlight is firmly on Fed Chair Jerome Powell's speech at the event, which is set for Aug. 24-26. Investors will parse through his words to gauge the Fed's monetary policy path.
SINGAPORE - The U.S. dollar perched near a two-month peak on Wednesday as investors looked to the Federal Reserve chair's speech this week for cues on the path of monetary policy, while the yen loitered near 146 a dollar, keeping traders guessing on any intervention.
With traders reluctant to place major bets, the spotlight is firmly on Fed Chair Jerome Powell's speech at the event, which is set for Aug. 24-26. Investors will parse through his words to gauge the Fed's monetary policy path. Richmond Fed President Thomas Barkin on Tuesday said the Fed must be open to the possibility that the economy will begin to re-accelerate rather than slow, with potential implications for the U.S. central bank's inflation fight.
When the dollar broke above 145 yen that triggered intervention last year, speculation began mounting that Tokyo would soon step into the market to support its currency.
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