Dollar bullish-hedging demand has strengthened before the Jackson Hole annual meeting, with 57.2% of this week’s dollar options flows positioned for gains against major currencies, up from 43.2% last week. Risk-reversal indicators also show that bearish sentiment toward the dollar has narrowed sharply. The currency had earlier weakened after Treasury Secretary Scott Bessent intervened in the bond market but has since recovered about half of those losses. ING currency strategist Francesco Pesole said Warsh’s speech could become a key event for foreign-exchange markets and may discourage traders from building aggressive short-dollar positions before greater clarity emerges.