Aug 22, 2017 9:28PM EDTpublished: Aug 22, 2017 9:28PM EDT
The dollar edged higher against a basket of currencies on Wednesday, after getting a boost the previous day as investors adjusted positions ahead of a global central bankers’ conference later this week.
The dollar index, which tracks the greenback against a basket of six major currencies, edged up 0.1 percent to 93.605 <.DXY>, adding to its 0.5 percent gain from the previous day.
The dollar had risen on Tuesday as the euro was weighed down by a weaker-than-expected reading on German investor confidence. Position-squaring ahead of a gathering of central bankers in Jackson Hole, Wyoming, on Aug. 24-26, also supported the dollar, analysts said.
“Ahead of Jackson Hole…investors have started to reduce their short dollar positions,” said Heng Koon How, head of markets strategy for United Overseas Bank in Singapore.
The market will probably go into a holding pattern for now, ahead of the Jackson Hole symposium, he added.
The dollar edged up 0.1 percent to 109.71 yen
Draghi is also due to give a speech in Germany later on Wednesday.
The euro eased 0.1 percent to $1.1748
A survey out on Tuesday showed a steeper-than-expected drop in German investor morale in August, helping to weigh on the euro. [nEONH8G0S7]
(Reporting by Masayuki Kitano; Editing by Eric Meijer)
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