US Dollar Whipsaws Around Fed Chair Powell’s Jackson Hole Speech

Jackson Hole Talking Points:

  • Fed Chair Jerome Powell’s speech behind closed doors at the Jackson Hole Economic Policy Symposium has neither surprised nor disappointed market participants.
  • In saying “we will act as appropriate to sustain the expansion,” Fed Chair Powell has more or less confirmed that markets are correct in anticipating another rate cut in September.
  • The US Dollar declined slightly after Fed Chair Powell’s remarks, with US equities rallying and gold prices falling back slightly.

See Q3’19 forecasts for the US Dollar, Euro, British Pound and more with the DailyFX Trading Guides

Note to follow…

US Dollar (DXY Index) Technical Analysis: 1-minute Price Chart (August 23, 2019 Intraday) (Chart 1)

US Dollar Whipsaws Around Fed Chair Powell's Jackson Hole Speech

Following the release of Fed Chair Powell’s pre-scheduled remarks, the DXY Index initially gained ground from 98.32 to as high as 98.37 thereafter. However, at the time this report was written, the DXY Index was trading slightly lower, at 98.24. Needless to say, market participants are neither surprised nor disappointed with Fed Chair Powell – as was anticipated in the Jackson Hole preview.

Read more: US Dollar Looks to Jackson Hole for Fed Rate Cut Clues – Central Bank Weekly


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— Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher Vecchio, e-mail

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