Both Wall Street and the White House will be paying close attention to Fed Chair Jerome Powell's high-profile speech Friday at the Fed's annual economic symposium in Jackson Hole, Wyoming.

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.

The Trump administration has pressured Powell, whose term as Fed chair expires next year, to step down as chair of the central bank.