According to Jinshi, analyst Vassilis Karamanis said that whether the US dollar will suffer more pain depends more on the data to be released in September than on Powell's speech at Jackson Hole.

While most traders and analysts see a high bar for Powell to exceed market expectations, pricing momentum is steady: the dollar is under pressure and money markets are pricing in around 100 basis points of rate cuts by the end of the year.

With Powell unlikely to pre-commit to anything beyond gradual easing, U.S. data after Labor Day will set the tone for currency moves ahead of the election.