US Dollar Mostly Rangebound Ahead of Jackson Hole

US dollar is mostly rangebound ahead of a meeting of central bankers later this week in Jackson Hole, Wyoming. Some expect Federal Reserve Chair Janet Yellen to express a readiness for an interest rate hike by the end of the year, and many are waiting to see what she says.

One of the highly-anticipated events of the economic calendar year is an annual summit of central bankers held in Jackson Hole, Wyoming. Heads of central banks from around the world converge to talk policy and share insights about their countries’ economies. Even when someone doesn’t attend in person, speeches are made via satellite.
This week, many are waiting for what Fed Chair Janet Yellen has to say about the US economy — and when she expects another interest rate hike. There is some speculation that the Fed could raise rates again by the end of 2016.
As a result of the waiting game, the US dollar is trading mostly rangebound and is slightly lower against some of its counterparts.
At 13:55 GMT the US dollar index is slightly lower, at 94.623 from the open at 94.641. However, it is higher than the previous close at 94.511. EUR/USD is up to 1.1311 from the open at 1.1309. GBP/USD is up to 1.3097 from the open at 1.3061. USD/JPY is up to 100.86 from the open at 100.78.

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