Report published August 28, 2026
Scotiabank Daily FX Update: USD Holds Tight Range Ahead of Jackson Hole
Source and citation context
- Issuer
- Scotiabank
- Report date
- August 28, 2026
- Analysis as of
- Not stated in source
Authors / editors: Shaun Osborne, Eric Theoret
Finvaulta summarizes Scotiabank's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
The USD trades in a narrow range ahead of Fed Chairman Warsh's Jackson Hole appearance and US benchmark payroll revisions. Major currency pairs are subdued, with high yielders slightly outperforming while the JPY lags despite recent Japanese currency intervention.
Key Takeaways
- 1.The USD remains in a tight range and narrowly mixed ahead of Fed Chairman Warsh's Jackson Hole address and benchmark payroll revisions.
- 2.The CAD holds flat ahead of Canadian Q2 GDP figures, which are anticipated to rebound firmly above 3% SAAR.
- 3.EUR is soft despite supportive European inflation data reinforcing ECB hawkishness and expectations for a 25 bps hike in September.
Table of Contents
- Analyst Team
- Overview
- Fed Funds vs. Futures Implied Yields
- USD Holds Tight Range Ahead of Warsh
- TODAY'S CALENDAR
Report data
Fed Funds vs. Futures Implied Yields
| Metric | Estimate | Context |
|---|---|---|
| Canada Q2 GDP Growth (Annualized) | 3.4% | Consensus forecast for Canada Q2 annualized GDP vs -0.1% previous. |
| Japan Foreign Exchange Intervention Total | 96.4 USD billion | Reported aggregate intervention effort to support the Japanese yen. |
| Tokyo Headline CPI | 1.9 % y/y | Overnight release of Tokyo CPI printing in line with expectations. |
| Bank of Japan Rate Hike Pricing for September | 21 bps | Short-term rates markets pricing for the upcoming BoJ monetary policy meeting. |
Reports in this series
Daily FX Update is shown in chronological order through this edition, published on August 28, 2026.
Part of the Daily FX Update series — view all 23 editions
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Authors / Editors
Reported Data Context
- Canada Q2 GDP Growth (Annualized): 3.4 % (Q2 2026) · Source: Scotiabank FICC Strategy / Macrobond
- Japan Foreign Exchange Intervention Total: 96.4 USD billion (July 30 to August 26, 2026) · Source: Media / BoJ / MoF
- Tokyo Headline CPI: 1.9 % y/y (August 2026)
- Bank of Japan Rate Hike Pricing for September: 21 bps (September 18, 2026 meeting)