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FX market awaits Yellen, Draghi speeches at Jackson Hole symposium

27 August 2017, 01:26 | Melanie Burgess

Global markets mostly higher as Jackson Hole in focus

Wyoming was first chosen as the venue because of its fly fishing and has lured big names including Janet Yellen chairwoman of the US Federal Reserve

Overall, the Fed chair said, "any adjustment to the regulatory framework should be modest and preserve the increase in resilience" in a financial system she said is now better able to weather future shocks.

At 1:02 p.m. (1702 GMT), fed funds futures contracts implied traders priced in a 37 percent chance the US 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.

Instead, Yellen focused on USA regulations, saying those put in place after the 2007-2009 crisis had strengthened the financial system without impeding economic growth, and any future changes should remain modest.

In early trading, Britain's FTSE 100 rose 0.4 percent to 7,408.39.

In her much-anticipated speech at the Jackson Hole, Wyoming, gathering of central bankers, US Fed Chair Janet Yellen on Friday insisted that stricter regulations in the banking sector were justified and far from being outdated.

This was enough to send the dollar index 0.56% lower to 92.750 by 1630 BST, making gold more affordable for holders of other currencies.

As investors wait to see what the world's experts on monetary policy say about the state of the economy, trading volumes have been low.

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Yellen's predecessor, Ben Bernanke, signaled a new round of Fed bond purchases in 2010 to try to invigorate a weak US recovery.

Oil prices rose as the dollar fell and as the USA petroleum industry braced for Hurricane Harvey, which could become the biggest storm to hit the US mainland in more than a decade. However, orders for transportation equipment plunged 19%, weighing on the overall orders for durable goods.

-Germany's DAX index rose 0.1 percent, on track for first monthly gain since June.

The greenback reached a high of Y109.840 against the Japanese Yen this morning, but has since pulled back to around Y109.300. The consumer sentiment index came in at 103 versus 104 in July. This was enough signal for the market, that was already long on the euro, to buy even more euros and this helped the pair to move through 1.19 and end the week at the highest levels that it has been since 2015.

Harvey accelerated into a tropical storm with winds of about 40 miles per hour (65 km per hour) and was located about 440 miles (705 km) southeast of Port Mansfield, Texas, the US National Hurricane Center reported.

Ahead of her speech, Dallas Federal Reserve Bank President Robert Kaplan called for patience on raising interest rates any further but urged speed in reducing the bank's balance sheet.

The Nasdaq Composite was down 4.28 points, or 0.07 percent, at 6,267.05.



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