US Dollar Near Eight-Day High as PCE Inflation Beats Forecast Ahead of Jackson Hole 2026

TLDR

• The US Dollar Index held steady around 99.13, near an eight-day high, after US PCE inflation came in above forecasts
• PCE rose 3.7% year-on-year in July, slightly above the 3.6% estimate, keeping Fed rate hike bets alive
• Markets are pricing roughly a 60% chance of a Fed rate hike next month, with all eyes on Jackson Hole
• The South Korean won strengthened after the Bank of Korea raised its benchmark rate by 25 basis points to 3.00%
• Bitcoin rose 0.55% to $78,874 and Ether gained 1.07% to $2,498 during the session

The US dollar held near an eight-day high on Thursday after inflation data came in stronger than expected, keeping pressure on markets ahead of the Jackson Hole central bankers’ symposium.

The US Dollar Index was trading at around 99.13, its highest level since August 19. It rose 0.3% the previous session following the release of the Personal Consumption Expenditures data.

US Inflation Comes In Above Forecast

The PCE price index rose 3.7% year-on-year in July, matching June’s reading but coming in above the 3.6% forecast. Month-on-month, prices rose 0.2%, also stronger than expected.

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