The dollar gained ahead of Federal Reserve Chair Jerome Powell’s speech, expected to provide clues on potential interest rate cuts. Traders bet on a September cut after weak jobs data, but uncertainty remains due to trade tariffs. The dollar rose after a report showed increased U.S. business activity, with the dollar index up 0.38% at 98.60.

Economists at Goldman Sachs expect Powell to address risks to the labor market and reiterate the impact of tariffs. While a September cut is not decisively signaled, markets anticipate Powell’s support for one. Fed funds futures traders have lowered odds of a September cut to 74%, down from 82% on Wednesday. Atlanta Fed President believes in a rate cut this year, while Kansas City and Cleveland Fed Presidents see no rush due to inflation concerns.

The U.S. Justice Department plans to investigate Fed Governor Lisa Cook following calls from President Trump to resign over mortgage allegations. In cryptocurrencies, bitcoin fell 1.77% to $112,466.

Read more at Yahoo Finance: Dollar gains before key Powell speech at Jackson Hole on Friday