The U.S. dollar hovered near a two-week high against the euro and sterling on Friday as investors trimmed rate cut wagers ahead of an eagerly anticipated speech from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium.

Bond investors are heading into Friday’s much-anticipated Jerome Powell speech largely expecting the Federal Reserve chair will indicate policymakers will start cutting interest rates next month.

The U.S. dollar inched upward on Thursday, trading just below a one-week high as investors prepared for the Federal Reserve’s Jackson Hole symposium. By 04:40 ET (08:40 GMT), the Dollar Index, which tracks the greenback against six major currencies,