Dollar drops as Yellen quiet on interest rate hike

Dollar drops as Yellen quiet on interest rate hike

Dollar drops as Yellen quiet on interest rate hike

In her remarks, Yellen seemed to warn that the public was growing complacent about the financial crisis, which she called "the most severe financial panic and largest contraction in economic activity in the United States since the Great Depression".

At 1:02 p.m. (1702 GMT), fed funds futures contracts implied traders priced in a 37 percent chance the USA central bank would raise rates at its December 12-13 policy meeting, compared with 44 percent prior to Yellen's speech, CME Group's FedWatch tool showed.

Federal Reserve Board Chairwoman Janet Yellen will ask lawmakers and regulators to only make "modest" changes to the Dodd-Frank Act, the sweeping banking rules President Trump and Republicans have promised to dismantle, arguing they've bolstered and protected the economy.

Spot gold XAU= was up 0.5 percent at $1,292.14 an ounce by 2:00 p.m. EST (1800 GMT) and was on track to close the week up 0.6 percent.

But the possibility of a surprise from Federal Reserve chair Janet Yellen or European Central Bank chief Mario Draghi kept investors on edge.

Japan's Nikkei 225 slipped 0.4 percent to 19,353.77 but South Korea's Kospi rose 0.4 percent to 2,375.84.

That absence raised additional doubts on whether the Fed will go ahead with a third interest rate increase in 2017 after two earlier hikes.

U.S. far-right group cancels San Francisco weekend rally
Although the rally was nixed, city leaders say they worry that unrest may still break out at the news conference. He said he was inspired by peaceful protests last weekend in Boston, which overshadowed a right-wing rally.

Chelsea And Man Utd Emerge As Surprise Contenders To Sign Tottenham Superstar
Sanchez, comparatively, moved to Ajax from Colombian club side Atletico Nacional last summer. We are trying to strengthen the squad and to bring in a few more players.

'Blood on your hands!' Chaos erupts at Charlottesville council meeting
News reported that the rally was not on the meeting's agenda, but was forced into discussion by constituents. The council also voted to begin the process of removing the statue of Jackson, according to Newsy .

In late NY trading, the euro rose to 1.1876 US dollars from 1.1809 USA dollars, and the British pound climbed to 1.2875 US dollars from 1.2804 US dollars. And past year, Yellen let markets know that more rate hikes were coming. In the USA, durable goods orders for July are due out at 13:30 BST.

In economic news, the number of Americans filing for unemployment benefits rose less than expected last week, while home resales unexpectedly fell in July to their lowest monthly level of the year. However, orders for transportation equipment plunged 19%, weighing on the overall orders for durable goods.

Both crude contracts rose more than 1 percent on Wednesday, buoyed by potential output disruptions from the Gulf of Mexico storm Tropical Depression Harvey.

The Dow Jones Industrial Average .DJI closed up 30.27 points, or 0.14 percent, to 21,813.67.

"I think we should continue with the gradual rate path", she said from the annual symposium.

Energy markets edged higher on Friday as U.S. producers braced for hurricane Harvey's impact on the Gulf Coast, with WTI for December delivery up 0.43% to $48.18/barrel and October benchmark brent higher by 0.25% to $52.22.

The pound sterling also rounded convincingly on the greenback, with the GBP/USD exchange rate adding 70 points to be reach 1.2882.

Related news

[an error occurred while processing the directive]