-Powell's Jackson Hole address has scope to end Dollars rally.
U.S. and Chinese officials will meet in Washington Thursday following an invitation from the White House to discuss differences over global trade that have seen the world's two largest economies come to blows in recent months.
"One of the bigger risks that we keep watching is the trade talks with China".
The dollar snapped a five-day losing streak and the euro fell on Thursday, with the greenback boosted by political uncertainty, a new round of trade tariffs and the Federal Reserve's latest policy meeting minutes that signaled a September rate rise. Does that set the stage of Jackson Hole? "This brings a proverbial ceiling to how much more hawkish it could become", according to CNBC.
Many expect this will be a pivotal moment for the US Dollar, from which the greenback will either find impetus for continued gains, or be left reeling.
The Canadian dollar weakened against its USA counterpart on Thursday, pulling back from a two-week high the day before, as the greenback rose broadly ahead of a speech on Friday by Federal Reserve Chairman Jerome Powell. -China trade talks and Federal Reserve minutes for directional cues.
However, some market observers see dollar upside from here as limited.
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"The reality is that from a market perspective, recent Jackson Hole symposia have been fairly boring", analysts at Cornerstone led by Roberto Perli, a former Fed economist, said in a report published on Wednesday.
Talks between US and China officials in Washington over trade will continue on Thursday, although most analysts do not expect much headway to be made, with the risks growing that the conflict descends into a growth-sapping tariff war.
The offshore yuan slid 0.3 per cent to 6.8695 yuan per dollar after the latest round of tariffs took effect.
The speech comes as Mr Powell, appointed earlier this year by President Trump, is increasingly criticised by the president for the two interest rate hikes so far this year.
Markets largely shrugged off the legal drama engulfing President Donald Trump and USA stocks remain close to all-time highs amid double-digit corporate profit growth.
"Trump has weathered quite a few allegations before this, where many people were quick with the "I" word (impeachment), so we need to see whether this could open a new chapter or if it will calm down again and markets move on", said Commerzbank rates strategist Christoph Rieger. But that's not Trump's argument, and it's not his to make in the first place.
Cohen pleaded guilty to charges of tax evasion, bank fraud and campaign finance violations.
Wednesday's twist comes after a year-long investigation by special prosecutor Robert Mueller, which sought to uncover evidence of alleged-collusion between the Trump presidential campaign and the Russian state.