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The dollar remained flat Wednesday in subdued trade amid expectations that the annual Jackson Hole symposium later this week is unlikely to offer up the sort of monetary policy surprise that will trigger wild moves.

Friday's Jackson Hole event has been earmarked as the key risk event for markets on expectations that Federal Reserve Chair Jerome Powell will lay the ground for a bond tapering announcement later this year.

But as the symposium draws closer, the dollar has been on the back foot and trading action has been subdued, suggesting that currency markets aren't anticipating meaningful clues on the Fed's plan to taper its bond purchases.

But as the symposium draws closer, the dollar has been on the back foot and trading action has been subdued, suggesting that currency markets aren't anticipating meaningful clues on the Fed's plan to taper its bond purchases.

The latest positioning data on the dollar added credence to expectations that the Jackson Hole event is unlikely to provide meaningful insight into the Fed's thinking on monetary policy.

The value of the net long dollar position declined to $1.06 billion in the week ended Aug. 17, from $3.08 billion in the previous week, according to Reuters calculations and Commodity Futures Trading Commission data released on Friday.

Data inference

* Prelim GDP is the broadest measure of economic activity and the primary gauge of the economy's health

Chart of the day

USD/INR (Hourly) - 74.27

Observation

* Prices making higher highs and higher lows

* RSI heading higher denoting strength

Inference

* Buy above 87.35 T1 87.62 T2 87.89 SL 87.08

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