Investors will focus on whether the Fed chair believes further policy tightening will be needed to bring down inflation or enough progress has been made to keep interest rates on hold Market watchers will also be watching for any clues about whether the Fed is weighing the possibility of a rate cut in Year 2024

Federal Reserve officials meet at the annual meeting of the central bank in Jackson Hole, Wyoming, and Federal Reserve Chairman Jerome Powell will speak on the sidelines of the meeting. The dollar saw some profit-taking early Friday as risk sentiment boosted after the People’s Bank of China said it would continue Offering more liquidity in an effort to support the country’s faltering economic recovery

However, the dollar index was still poised to rise 0.5% amid growing expectations that the US Federal Reserve will maintain its hawkish stance for longer than previously thought.

The dollar is in an upward sub-trend, and currently the price is at the 103.390 area, and at the trend area on the daily frame, if the 103.460 area is broken and held above it, we will head upward towards the 103.910/104.300 areas. Towards areas 102.415/102.031