The U.S. dollar saw a slight uptick against a basket of major currencies, approaching a two-month high reached the previous week. The U.S. dollar index, which measures the currency against six key counterparts, rose by 0.2% to 103.57, just short of the two-month peak of 103.68.
This movement comes as traders anticipate the Jackson Hole Symposium, scheduled for August 24-26. Federal Reserve Chair Jerome Powell's speech at the event is highly awaited and could influence currency markets significantly.
Analysts suggest that currency markets are likely to remain relatively stable until after Powell's speech. The focus is also on a BRICS summit in Johannesburg, where any news regarding Chinese stimulus measures will be closely monitored.
China's economic situation remains a concern, with investors watching for signs of further stimulus. China's yuan has been under pressure due to economic slowdown worries.
The Japanese yen also remains in focus, with traders monitoring for potential intervention by the Japanese government to support the currency, as it did in the past.
In the cryptocurrency market, Bitcoin experienced a 0.87% decline, trading at $25,897. Overall sentiment in the cryptocurrency market remains bearish.
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