According to CoinMeta, traders are increasing their hedging against a further rise in the US dollar. Ahead of Federal Reserve Chairman Jerome Powell's important speech at the Jackson Hole Symposium on Friday, the market is preparing for the dollar to continue to strengthen. Since US Treasury Secretary Janet Yellen took an unexpected step last week to support the bond market, which dampened sentiment towards the dollar, the dollar has already recovered half of its previous losses. CME Group data shows that so far this week, 57.2% of dollar options trades are expected to benefit from the dollar strengthening against a basket of major currencies, up from 43.2% last week. At the same time, the bearish bias of risk reversal indicators has weakened, with negative sentiment roughly halving. Pessole, a strategist at ING Group, said that this could be a decisive event for the foreign exchange market, and markets may be reluctant to take on too many short positions in the dollar. However, Brent Donnelly, an analyst at spectra markets, pointed out that the Jackson Hole Symposium may not have a substantial impact on the market in the end. He believes that given recent US economic data, it would be difficult for Powell to take a hawkish stance, and considering that the Treasury Department is already trying to curb long-term yields, a shift to a dovish stance also seems awkward.