US dollar rate today: The dollar is falling against the yen and rising against the euro as investors continue to wait for the symposium in Jackson Hole, where the head of the U.S. Federal Reserve (Fed) will speak, according to trading data.

The euro-dollar exchange rate was down to $0.9947 from the previous close of $0.9967 and the dollar-yen exchange rate was down to 136.49 yen from 136.78 yen. Meanwhile, the dollar index (the exchange rate against a basket of currencies of the six U.S. trading partners) was up 0.06% to 108.68 points. The dollar rate on the black market is slightly different. 

Traders remain cautious as they await Fed Chair Jerome Powell’s speech Friday at the Jackson Hole symposium. Markets expect the Fed chair to give hints on the regulator’s monetary policy plans.

Investors are assessing whether the Fed will slow the pace of rate hikes after the rate was raised twice by 75 basis points over the summer. According to the CME Group, analysts expect a 50-basis-point and 75-basis-point rate hike with equal probability at the central bank meeting in September.

Ahead of Powell’s speech on Thursday, the second estimate of U.S. GDP dynamics in the second quarter will be released. Analysts believe the U.S. economy shrank 0.8% year-over-year during that period (if GDP had grown at the same rate for four straight quarters). The first estimate suggested a 0.9% contraction in GDP.

Earlier we reported that Europe spent about 280 billion euros a year to mitigate the energy crisis.