The US Dollar (USD) rebounded again despite facing some obstacles due to weak data from the US.
Brazil, India, and the host country South Africa opposed any form of de-dollarization during the BRICS convention held in South Africa.
Market participants will be looking for major news ahead of the Jackson Hole Symposium. Forex, Fundamental News, USD.
The US Dollar (USD) rebounded after initially weakening, even though hawkish comments from former Fed member James Bullard and lower jobless claims figures triggered a Greenback rally.
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As the Jackson Hole Symposium approaches, where central bank governors from advanced countries will gather to discuss and evaluate what needs to be done next if the current rate hike and inflation levels are not reaching the projected targets.
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The Jackson Hole Symposium is about to commence. Therefore, market participants are cautious about any comments from non-Fed central bank governors that could trigger significant movements of other currencies against the Greenback. Traders are preparing for the upcoming important event in the next 48 hours.
Meanwhile, the BRICS convention has so far failed to address any significant issues. With Brazil, India, and the host country South Africa opposing any form of de-dollarization, it seems that BRICS needs to focus on closer trade relations. This means that the US Dollar will remain the most widely used currency for settling commodity contracts and other trade agreements.
During a television interview on Bloomberg at the start of the annual Jackson Hole Symposium, former Fed member James Bullard reiterated that reacceleration could put pressure on inflation and thus make it unlikely for the Fed to begin lowering interest rates in the near future. The US Dollar surged as an immediate reaction, and the DXY returned to the green zone.
