The Jackson Hole symposium showed no clear indication as to where the Federal Reserve is heading, according to Saxo Bank chief economist Steen Jakobsen. He says that it is important to see how the European Central Bank and Bank of Japan will play along with the Fed.

Although there seems to be no clear indication of where the central banks are heading, Jakobsen believes that the US will hike rates before end of year.

At the end of this week, the USDJPY will be higher and the US dollar will be stronger, predicts Jakobsen.