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USD Overview (28 August 2020) Yesterday, USD strengthened against most major currencies except for AUD, NZD and CAD. During day 1 of the Jackson Hole Symposium, Fed Chairman Jerome Powell announced the adoption of Average Inflation Targeting, which will allow inflation to hit above the Fed’s 2% target for a period of time. This announcement led to optimism in the U.S. economy, causing the market to go risk-on and induce a drop in demand of safe-haven assets like the USD. The U.S. Preliminary GDP q/q (Actual: -31.7%, Forecast: -32.5%, Previous: -32.9%) data released yesterday indicated a slight upwards revision of economic growth during the second quarter. Today is the second day of the Jackson Hole Symposium. During this time, volatility is expected.