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US Dollar firms toward 99.20 ahead of Jackson Hole Symposium

FXStreet links the dollar's strength to position squaring before Jackson Hole and improved risk sentiment from reports of a US-Iran ceasefire that may reopen the Strait of Hormuz.

Reported · Written up by our desk · Major Pairs

The US dollar firmed on Wednesday, with the US Dollar Index (DXY) climbing toward 99.20 as traders squared positions ahead of the Jackson Hole Symposium, according to FXStreet.

FXStreet said improving risk sentiment tied to reports of a US-Iran ceasefire that could reopen the Strait of Hormuz reduced demand for gold as the dollar advanced. Gold slipped back, trading near $4,600 per troy ounce.

Among major currencies, FXStreet reported the Australian dollar was the exception, holding modest gains in the low 0.7100s after hotter-than-expected Australian inflation. EUR/USD drifted toward the mid-1.1600s, while USD/JPY held firm north of 159.00.

Ahead of the session, FXStreet flagged multiple data and policy catalysts, including the European Central Bank monetary policy meeting accounts in Europe and US initial jobless claims expected around 208K, with the Fed Chair keynote at Jackson Hole framed as the main risk event for the dollar.

Latest closeGold $4,432.00 ▲1.6%|EUR/USD 1.157 ▲0.4%|USD/JPY 159.31 ▼0.1%

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