The US dollar performed positively in trading on Thursday as the annual Jackson Hole symposium began.
Investors remained cautious, focusing their main attention on the speech to be delivered by Federal Reserve (Fed) Chairman Jerome Powell on Friday for guidance ahead of the September meeting.
The market is now looking for clearer signals on the Fed's expected first interest rate cut in September after maintaining interest rates throughout the year.
Meanwhile, investors are watching data reports published on Thursday to examine the manufacturing and services sectors as global tariffs remain a risk to the economy.
However, the August reading came in with good readings with the German PMI data increasing although not showing a significant difference.
As for the UK PMI, the reading for the excellent services sector rose above the 50 point mark but the manufacturing sector contracted slightly.
Focusing on the New York session yesterday, PMI data for both sectors in the United States (US) recorded encouraging readings with a strong increase above the 50 point mark.
The data supported the strengthening of the US dollar as the market remained cautious ahead of the start of the Jackson Hole symposium yesterday.
Canadian retail sales data will be briefly watched at the opening of the New York session tonight before all eyes turn to Fed Powell.
