US Dollar: Jackson Hole Volatility vs. Credibility - TD Securities Analysis

TD Securities suggests Jackson Hole will focus on structural themes like productivity and AI, leading to volatility over immediate credibility signals for the USD. This shifts the focus from short-term rate guidance to long-term economic resilience, impacting major pairs. Expect two-way volatility as markets digest long-term implications, with interest rate differentials and economic data still crucial for short-term movements.