Dollar Holds Firm Ahead of Jackson Hole Speech

The US dollar is poised for its first weekly gain in a month as investors wait for Federal Reserve Chairman Kevin Warsh's speech at the Jackson Hole symposium on Friday. The greenback has held firm near a one-week high against major peers, with many in markets eager to hear comments on monetary policy and interest rates.

Inflation has remained above 2% for an extended period, leading traders to price in at least one 25 basis point interest rate hike this year. This has supported the dollar in recent days, but analysts say Warsh's speech is unlikely to provide explicit guidance on interest rates.

Rather, they expect him to update on the five task forces he established at the start of his term to examine the workings of the Fed. The yen and euro were a touch softer against the greenback, with the yen set for its first weekly drop in a month.