Dollar Holds Near One-Week High Ahead of Warsh Speech at Jackson Hole

The US dollar has held steady near its one-week high against major currencies on Friday (28/8) as investors await clues from Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium about the direction of monetary policy.

According to Reuters, the euro and pound sterling have held near their respective one-week lows against the US dollar. The euro is trading at USD 1.1652, while the pound sterling is at USD 1.3597, both on track for a second consecutive monthly gain.

The Japanese yen was little changed at 159.34 per US dollar after giving up some of its intervention-driven gains. Nevertheless, it's still heading for a gain of around 1.3% in August.

Investors are watching the Fed's policy closely, with several officials on Thursday voicing concerns over US inflation and signaling openness to raising interest rates. Market expectations have been tempered by Warsh's previous opposition to providing explicit guidance on future interest rate direction.