Dollar Buoyed by Positioning for Possible Jackson Hole Rebound
- Yen snaps four-day advance as geopolitical concerns stabilize
- Gamma trading may dictate price action amid thin data calendar
Aberdeen's Athey Says U.S. Dollar Is Oversold
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The dollar rose against most Group-of-10 peers amid profit-taking on short positions and as fresh long exposure was added before the Federal Reserve’s annual economic symposium later this week.
The Bloomberg Dollar Spot Index rose by 0.3 percent as of 10:22 a.m. London, following a drop of 0.6% since Friday. Some investors trimmed their short exposure in the greenback after the gauge hit a three-week low on Monday, according to traders in Europe, looking to add again should the rebound in place start losing steam. Leveraged accounts were also seen adding fresh long positions as they see upside risks into Federal Reserve Chair Janet Yellen’s speech at Jackson Hole, Wyoming on Friday.