Focus Shifts to U.S. Dollar as Jackson Hole Symposium Gets Underway

Today, there has been some focus on the euro zone as German consumer confidence has provided a boost for the euro in forex trading. However, that focus is about to shift.

A symposium is scheduled to start today in Jackson Hole, Wyoming, and the economy is expected to be a main topic. GFT's Boris Schlossberg reports in FX360 on what forex traders are looking for:

The market’s focus on monetary policy will shift from ECB to the Fed as North American session opens for  trade and all eyes turn to the symposium at Jack Hole Wyoming which begins today. Ben Bernanke is scheduled to speak tomorrow and currency traders are speculating as to whether the Fed chief will signal further QE steps to  stimulate the moribund US economy which appears to be on the precipice of slipping into a double dip recession.

The U.S. dollar is mostly lower today, thanks to lingering concerns about fundamentals. Even the latest news that initial unemployment claims have declined is not helping matters, since there is still obvious weakness on the jobs market.