Wall St set to open higher as investors go bargain hunting

US Dollar Rebound in the Balance as All Eyes Turn to Jackson Hole

In the second half of this week, central bankers will make their annual pilgrimage to Jackson Hole, Wyoming, to attend an economic conference entitled "Fostering a dynamic global economy". During the minutes from the Federal Open Market Committee meeting on July, senior central bankers held a deep discussion of the factors that could keep a lid on USA consumer prices. But with few particular dollar triggers amid a sparsely populated economic calendar, the market could be doing little more than getting their last licks in before a more active global calendar later in the week.

"Inflation has been the big question mark, both here and overseas", said Michelle Meyer, head of USA economics at Bank of America Corp.in NY.

The common currency edged lower on Monday and is extending last week's decline, the largest weekly fall since early June, as investors ponder the next move by the European Central Bank. At the same time, US Treasury Note prices are stuck at 2017 resistance (aligning with UST 10Y Yield support).

Gold stocks showed a significant move to the upside, however, with the NYSE Arca Gold Bugs Index climbing by 1.7 percent.

GBP EUR saw no notable shift in movement during Monday's European session. The U.S. dollar has underperformed so far this year on doubts about President Donald Trump's ability to fulfil his economic agenda amid turmoil in the White House, and on the Fed's go-slow approach on tightening due to tepid inflation.

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The US June 30 earnings season has nearly exhausted itself - a few retailers such as Abercrombie and Fitch, Guess?, Dollar Tree, Burlington Stores, Tiffany, American Eagle, Lowes Cos, JCrew and Williams Sonoma are expected to report. The Fed is becoming more concerned by low inflation which has prompted the market to push back the expected timing of their next rate hike into early next year.

The dollar index which measures the United States dollar's strength against six other major currencies remains unchanged at 93.448 or 0.09% higher on Monday. His remarks will focus on the theme of the conference, an ECB spokesman said, responding to speculation over whether the Italian might choose to send a policy signal on the central bank's bond-buying program.

In Europe, London's FTSE 100 was up 0.7 percent to 7,370 while Germany's DAX rose 0.7 percent, too, to 12,155.

EUR/USD hit a peak around 1.1830 in US trading on Monday before fading slightly into the NY close as prices drifted just above 1.1800. However, it remained mostly down against other major currencies.

Mark Wall, chief economist at Deutsche Bank, says: "The ECB Council has deliberately avoided setting expectations for the timing of a new decision on QE, let alone what that decision will be, and according to news wires Mr Draghi will respect that at Jackson Hole".

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