The foreign-exchange market has begun repositioning ahead of the Jackson Hole meeting, with demand for hedges against a stronger dollar increasing. CME Group data show that 57.2% of dollar options flows so far this week are betting on the dollar rising against major currencies, compared with 43.2% last week. Risk-reversal indicators also show that bearish positioning on the dollar has narrowed sharply. The dollar had come under pressure after U.S. Treasury Secretary Scott Bessent unexpectedly intervened in the bond market, but it has since recovered half of its earlier losses. ING currency strategist Francesco Pesole said Warsh's speech could become a key event for foreign-exchange markets, and traders may be reluctant to make large dollar-short positions before the outcome becomes clear.