US Dollar Index (DXY) bulls take a breather after a five-week uptrend as markets appear dicey about Federal Reserve (Fed) Chairman Jerome Powell’s spe
ech at the annual Jackson Hole Symposium. Also likely to have prod the Greenback’s gauge versus the six major currencies is the cautious optimism amid hopes of more stimulus from China, as well as the consolidation of the DXY’s previous gains ahead of this week’s top-tier data/events. That said, the US Dollar Index drops to 103.30 by the press time of the early Asian session on Monday, extending the previous day’s retreat from the 2.5-month high.
Additionally, the market players started reassessing previous biases about the major central banks and added strength to the, primarily fuelled by the China-linked woes. That said, investors anticipated that the end of the rate hike cycle is still unclear, which means more bearish pressure on riskier assets and a rush for the US Dollar.
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