Jackson Hole comments weaken USD, Trump's comment astonish

·       FXStreet summary below regarding comments from the Jackson Hole Symposium in the USA - as the USD is a touch weaker.

Bank of England Governor Carney to speak later this pm.
Following Chairman Powell’s comments, President Trump tweeted the following astonishing opinion / statement:
 "As usual, the  Fed did nothing! It is incredible that they can “speak” without knowing or asking what I am doing, which will be announced shortly," US President Donald said.

"We have a very strong dollar and a very weak Fed. I will work “brilliantly” with both, and the US will do great," Trump tweeted out and questioned: "Who is our bigger enemy, Jay Powell or Chairman Xi?"

 Headlines:

• Greenback weakens modestly following Powell's remarks at Jackson Hole.

• Powell doesn't deliver any fresh insights into the next policy move.

• Leaves the door open for cuts by saying Fed will 'act as appropriate.'

• GBP/USD holds yesterdays gains near 1.2230, EUR/USD holding firm around 1.1110

In his prepared remarks delivered at the Jackson Hole Symposium, Jerome Powell,  Chair of the Board of Governors of the Federal Reserve System, said that the US economy was in a 'favorable place,’ and added that the Fed will 'act as appropriate.'

The US Dollar Index turned south on Powell's remarks and erased its daily gains. As of writing, the index was unchanged on the day at 98.22. Below are some additional takeaways as reported by Reuters.

"Fed is working to sustain economy that faces significant risks."

"No recent precedents' to guide policy response to trade uncertainty."

"Fed tries to look through passing events, focus on how trade developments affect outlook, adjust policy to promote objectives."

"Slowing global growth, trade policy uncertainty, muted inflation weigh on favorable outlook."

"Fed is carefully watching developments, says three weeks since last policy meeting eventful."

"New tariffs on Chinese imports, more evidence of a global slowdown, geopolitical events like possible hard Brexit."

"Financial markets have reacted strongly to complex, turbulent picture."

"Economy has continued to perform well, sharp decline in global long-term bond rates, volatile equity markets."

"Financial stability risks seem moderate."

"Fed cannot prevent people from taking excessive risks."

"Will be appropriate to tilt policy one way or another because of prominent risks."

"Business investment, manufacturing have weakened; solid job growth, consumer spending supporting moderate growth well."

"Job market is historically strong."

"Inflation has been surprisingly stable during expansion."

"Premise that healthy US economy needed higher rates was generally borne out."

"Low inflation, not high inflation, is problem of this era."