USD Firms Across Majors as Fed Chair Warsh Delivers Hawkish Jackson Hole Speech

The US dollar has pushed broadly higher after Fed Chair Warsh delivered a longer-than-anticipated Jackson Hole address running 3,566 words, with the tone read as more hawkish than markets had positioned for. EUR/USD, GBP/USD, AUD/USD and NZD/USD all came under pressure, while USD/JPY, USD/CHF and USD/CAD extended gains as front-end US yields firmed and rate-cut expectations were trimmed. The speech's emphasis on policy restraint has forced a repricing of the near-term Fed path, reinforcing the dollar's yield advantage into month-end. Technically, dollar pairs are testing key pivot levels: EUR/USD is pressing session lows with sellers defending former swing support, while USD/JPY has cleared prior resistance to trade at fresh highs for the move. Equity indices reacted in kind, with the S&P 500 and Nasdaq Composite trading defensively as higher discount-rate assumptions weighed on valuations. Traders should watch whether dollar strength holds above intraday breakout levels; a sustained close higher would validate a continuation of the hawkish repricing, while failure at resistance risks a quick unwind given stretched month-end positioning.