Most major currency pairs have moved close to key technical levels ahead of Fed Chair Warsh's speech at Jackson Hole. The annual Federal Reserve symposium at Jackson Hole, Wyoming, has historically been a venue where Fed chairs have signaled shifts in monetary policy thinking, which is one reason positioning often tightens and volatility can spike around the keynote. The market is essentially saying, "We don't really know what to expect, so we will let the Fed chair influence the next shove."

In the kickstart video, the technicals for EURUSD, USDJPY and GBPUSD were examined. In the video above, the technical discussion extends to USDCHF, USDCAD, NZDUSD and AUDUSD — covering the bias, the risks and the targets, and where the next shove could take the price.

Much will depend on the Fed Chair's tone, his lean (toward Trump or away), and how convincing he is to the market — as well as to other Fed officials, or President Trump himself. Currency traders parse this tone closely because expectations about the future path of short-term interest rates are a primary driver of exchange rates: signals that point toward easier policy tend to weaken the dollar, while a more restrictive lean tends to support it.

A snapshot of other markets ahead of the speech shows stocks mixed, with the Dow up (+90 points), the S&P up 7.50 points or 0.09%, and the Nasdaq unchanged.

U.S. Treasury yields are moving modestly higher across the curve, with the largest increases concentrated in the intermediate and longer maturities:

• 2-year yield: 4.238%, up 0.6 basis points
• 5-year yield: 4.405%, up 0.9 basis points
• 10-year yield: 4.680%, up 0.8 basis points
• 30-year yield: 5.197%, up 0.6 basis points

The yield curve remains upward sloping, with the 2-year/10-year spread near 44 basis points and the 2-year/30-year spread around 96 basis points.