USD traded mixed against other major currencies in the European session on Wednesday as market participants braced for the Federal Reserve Chair Jerome Powell's speech at the annual Jackson Hole Symposium, a gathering of central bankers, leading economists, and financial institutions, on Thursday.

The U.S. currency rose against EUR and CHF, fell against JPY, AUD and NZD, and was little changed against CAD and GBP.

The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, rose 0.11% to 93.12.

Jerome Powell is to address the conference via video. Investors will look for clues on further stimulus from the Fed and its views, where the U.S. economy is headed. Specifically, they will be looking for Powell’s remarks on inflation and its impact on the U.S. currency. Analysts expect that the Fed's Chair may signal an increased tolerance for higher inflation, with some predicting he will call for a move to "average inflation" targeting rather than the 2-percent target.