Dollar steadies ahead of Jackson Hole meetings

London

The dollar has dropped 14 per cent against the euro this year, driven by a collapse in expectations for tax cuts and other pro-growth moves by the Trump administration that has weakened the case for further rises in US interest rates.

But the US central bank remains the only of the world's big monetary authorities to have begun raising rates and it is also seeking to rationalise the huge stores of securities it has built while pumping cash into the economy in the past eight years.