Asian shares slipped on Monday and the dollar pulled away from last week’s lows on expectations that a signal might emerge from a Federal Reserve gathering this week in Jackson Hole, Wyoming that the US central bank is gearing up to hike interest rates.
Global central bankers will join the annual mountain retreat that opens on Thursday, with Fed Chair Janet Yellen due to speak the following day.
The Jackson Hole meeting “looks set to dominate trade this week,” wrote Angus Nicholson, market analyst at IG in Melbourne. “The DXY US dollar index already seemed to be looking ahead for some slightly more upbeat language on the US economy coming out this week as it rallied 0.4 percent on Friday,” he said.
The dollar index, which tracks the greenback against a basket of six major rivals, was up 0.2 percent in early trade at 94.722, pulling away from last week’s low of 94.077, which was its lowest since June 24.
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