Dollar Holds Steady as Investors Await Jackson Hole Guidance

The dollar index held steady on Thursday as investors awaited guidance from Jackson Hole's annual summit, where Fed Chair Kevin Warsh is set to speak. The yen remained largely unchanged after Bank of Japan Deputy Gov. Ryozo Himino said timely rate hikes are necessary to respond to changing monetary conditions.

Himino emphasized the BOJ's need to act in a timely and appropriate manner as its underlying inflation targets near their 2 percent goal. However, he did not provide any indication of how many rate hikes are planned or when they might occur.

The dollar fell by 0.3 percent on the week after shedding 0.8 percent last week. The yen has remained virtually unchanged at just above 159 to the dollar despite Himino's comments, which some investors may interpret as a suggestion of an interest rate hike sooner rather than later.