The dollar gained on Thursday before a highly anticipated speech by Federal Reserve Chair Jerome Powell on Friday will be evaluated for any new clues on whether the U.S. central bank is likely to cut interest rates next month.

Lawrence G. McMillan is president of McMillan Analysis, a registered investment and commodity trading advisor. McMillan may hold positions in securities recommended in this report, both personally and in client accounts. He is an experienced trader and money manager and is the author of “Options as a Strategic Investment.” www.optionstrategist.com.

Historically, Powell’s remarks at Jackson Hole have triggered sharp market moves: hawkish tones have lifted the dollar and weighed on equities, while dovish guidance has sparked rallies in stocks and crypto.