The euro was stable Thursday against the dollar, a few hours before the speech of the president of the American Federal Reserve (Fed) awaited since the beginning of the week by the forex traders.

Around 9:10 a.m. GMT (11:10 a.m. in Paris), the euro gained 0.06% against the greenback, to 1.1837 dollars.

"Market participants are eagerly awaiting the Fed Chairman's speech to see if he triggers further downward momentum for the dollar after a period of consolidation this month," said MUFG analyst Lee Hardman.

The president of the US central bank speaks during the day at the virtual meeting of central bankers in Jackson Hole.

But the "potential for surprise is limited because the Fed has already given good insights in various comments but also in the last minutes of its meeting", explains Esther Reichelt, from Commerzbank.

"Inflation will be the key word" in Jerome Powell's speech, adds Han Tan of FXTM.

The Fed, which has a dual mandate of employment and price control, is currently setting an inflation target of 2% which it considers healthy for the economy.

If Mr. Powell announced that the Fed could let inflation run a little above this level before intervening and raising rates, which some observers seem to think, it would be good news for investors who have been profiting since. several years of low Fed rates.

In addition to the US central bank, investors in the US will still be watching the second estimate of US GDP for the second quarter and unemployment figures, which may have an impact on the dollar.