Euro pinned near recent lows as attention shifts to Fed

LONDON, Aug 21 (Reuters): The euro struggled to make headway against a resilient dollar on Wednesday while foreign exchange markets remained largely calm ahead of a crucial meeting of central bankers later this week.
After markets rushed over the last two months to price in significant easing from central banks in the United States and Europe, the outlook for euro/dollar will depend largely on whether or not policymakers live up to those expectations.
Officials from major central banks will gather at Jackson Hole, Wyoming, on Friday with markets focused on a scheduled speech by US Federal Reserve Chair Jerome Powell.
The speech comes after last week's inversion of the US yield curve - widely regarded as a recession signal - boosted expectations the Fed would cut interest rates again at its September policy meeting.
"In the big scheme of things, markets are relatively range-bound, with the focus on Jackson Hole later this week," said Manuel Oliveri, a strategist at Credit Agricole.