Narrow ranges have been prevailing among the main currencies, with market participants hunkering down ahead of Fed Chairman Powell’s keynote Jackson Hole address on Thursday (which will be a virtual affair this year). Global stock markets have steady, after Wall Street produced yet further record highs for the S&P 500 and NASDAQ. Markets are anticipating a dovish lean from Powell, although there is a risk for disappointment in terms of how much he can signal given the FOMC hasn’t yet completed its Policy Framework Review.

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