The US dollar trades in a narrow range as markets await PCE data, while easing tensions in the Middle East boost risk sentiment.

智通财经2026/08/26 02:56

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In early Asian trading on Wednesday, the US dollar fluctuated within a narrow range against major currencies. The market remained generally calm but was overshadowed by a sense of unease. Investors are awaiting the release of the US Personal Consumption Expenditures (PCE) Price Index for July and are keeping an eye on the Jackson Hole central bank symposium scheduled for this weekend. The US Dollar Index ended its three-day winning streak on Tuesday and held at the 98.93 level during early Asian trading.
There are signs of easing tensions in the Middle East—with the US planning to redeploy diplomatic personnel to the region and joint efforts by Iran and Oman to restart Strait shipping—which have collectively pushed oil prices lower and boosted overall risk appetite. Brent crude November futures once fell 2.4% to $85.15, but diplomatic talks between the US and Iran remain stalled.
The Australian dollar rose 0.3% to $0.7183 after data showed Australia's July core CPI increased 3.6% year-on-year. The New Zealand dollar fell 0.15% to $0.5962, as the market awaits next Wednesday's Reserve Bank of New Zealand policy decision, with broad expectations of a 25-basis-point rate hike to 2.75%.
The euro was unchanged near 1.1670 against the US dollar, while the pound remained steady near 1.3645. The dollar edged down against the yen to 159.87, still well below the level at which Japan and the US jointly intervened last month. The Bank of Japan announced that Kazuo Ueda will not attend this week's Jackson Hole symposium due to scheduling conflicts; Policy Board Member Naoki Tamura will represent the central bank instead.
Surveys show that most economists believe the Bank of Japan will act sooner than previously expected, raising rates again in September, with the terminal rate likely to be higher as well.
The market's main focus remains on this week's US PCE data and statements from central bank officials.

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The US dollar trades in a narrow range as markets await PCE data, while easing tensions in the Middle East boost risk sentiment.

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