US Dollar: Warsh speech keeps ranges contained – ING
ING’s Chris Turner notes a quiet, risk-positive week for global markets, with low volatility and mixed G10 FX, as the Dollar debasement theme fails to extend.
The Federal Reserve Chair Kevin Warsh will address the Fed's September policy during his inaugural Jackson Hole speech on Friday. Analysts expect minimal impact on the US Dollar (DXY), with a range of 99.00-99.30, as the market anticipates little from Warsh's remarks. The Dollar's debasement theme has not gained traction, and markets anticipate little monetary policy discussion from the Fed.
If Warsh does touch on monetary policy, it may reaffirm a commitment to a September hike, following a recent dip in expectations. Unexpected data from the Bureau for Labour Statistics, such as the nonfarm payroll revisions, could influence the Dollar's trajectory. The Dollar remains on track against low-yield currencies like the Swiss Franc (CHF) and Japanese Yen (JPY) if a hawkish stance emerges.
Gold is gaining momentum for the second day, trading around $4,610, and maintains a bullish bias. Meanwhile, Hyperliquid shares fell 2% after a record-high funding round.
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