The dollar was trading relatively flat during Friday morning’s Asian trading session as traders wait for announcements coming out of Jackson Hole, Wyoming, from Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi. Yellen’s speech is scheduled for 2 p.m. GMT and Draghi’s speech will follow at 7 p.m. GMT.
The dollar was up 0.07 percent against the yen to 109.62 yen as of 10:18 a.m. HK/SIN. The euro also struggled against the dollar, starting the day marginally lower at $1.1792. The dollar index was slightly higher, up 0.15 percent to 93.34 .DXY.
Support for the dollar came in part from the jobs report for the week ending August 19 which showed less-than-expected initial jobless claims for the week. Yellen’s hints about upcoming monetary policy changes are expected to drive the dollar into the end of the week.
Also a concern for traders is President Trump’s comments blaming congressional leaders or the ‘mess’ over raising the U.S. debt ceiling, which he says could have been avoided if they had only listened to his advice. The Treasury Department has said that the debt ceiling must be raised by the September 29th deadline or the government will be unable to borrow more money or make good on its debt payments and outstanding bills, which would potentially trouble the country’s credit rating. Trump’s repeated criticisms may undermine his ability to implement his tax reforms which would cause additional problems for the presidency and the dollar.