The U.S. dollar hovered below a one-week high on Thursday and European stock markets opened flat as investors braced for three days of potentially market-moving news from the Federal Reserve's annual symposium in Jackson Hole.

Federal Reserve chair is under bombardment from Donald Trump and battling an insurgency within the central bank

Jerome Powell has the ideal platform Friday to deliver a clear signal the Federal Reserve is about to resume cutting interest rates. But the economy isn’t giving him an equally clear signal that now is the time.

By Howard Schneider WASHINGTON (Reuters) -Fed Chair Jerome Powell used the central bank's annual Wyoming research conference to promise inflation-fighting rigor when it was needed in 2022, then last year he came to the defense of the job market with promises of lower interest rates when the unemployment rate seemed on a steady rise.

The Nasdaq fell as megacaps lost, after having rallied for much of the year. Nvidia fell 3.5%, the biggest drop in nearly four months.

Gold holds around $3,322 as the Fed’s Jackson Hole outlook and improved geopolitical dynamics temper demand for bullion. Investors await clarity ahead of the Federal Reserve’s Jackson Hole symposium,

The U.S. dollar was little changed on Wednesday as traders awaited a speech from Federal Reserve Chair Jerome Powell at the annual Jackson Hole symposium later this week for clues on the monetary policy path.