The dollar has lifted moderately and global stock markets have lost upside thrust as market participants hunker down ahead of Fed Chairman Powell’s keynote Jackson Hole address on Thursday. 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. Any sense of disappointment could catalyse a rebound phase in the dollar, which has been trending lower since March. EUR-USD ebbed from the mid 1.1800s to the lower 1.1800s.

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