Markets welcome Fed speech aimd emerging market jitters

Fed chair Jerome Powell’s highly anticipated speech: what to expect

Federal Reserve Chairman Jerome Powell on Friday defended the central bank's plans to gradually hike interest rates, citing the strength of the US economy and new uncertainty about how it operates.

Analysts said growing USA political uncertainty, reinforced by the criminal conviction of one of Trump's ex-advisors this week, was keeping the dollar under pressure, despite the United States embarking on greater monetary tightening than elsewhere.

Cohen pleaded guilty to eight criminal charges, including campaign finance violations, on Tuesday while former campaign manager Paul Manafort was convicted on charges of tax and bank fraud.

U.S. rates aren't going to go up forever, and neither is the U.S. Dollar.

Powell is due to give a speech later in the day at the Jackson Hole, Wyoming, conference of central bankers.

The Fed has raised interest rates seven times since the end of 2015, including twice in 2018, taking the Fed Funds rate range to between 1.75% and 2%. Powell is due to speak at 1400 GMT.

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I think she owes him emotionally as his daughter to support him the way he supported her, " he continued. But when she couldn't give him the time he needed or wanted to spend with her, he got upset about that.

Looking ahead, market participants will closely follow the speech by Fed's J.Powell, particularly after recent comments by President Trump regarding the Fed's policy of raising rates.

Despite the risks from trade disputes, George said in her interview that she believes the economy is performing strongly and regards further Fed rate hikes as justified.

The US dollar bought 111.20 Japanese yen, lower than 111.29 Japanese yen of the previous session.

The EUR/USD gained 1.61 percent during the week. It had slumped 1.4 percent overnight as political uncertainty mounted in Australia after several senior ministers resigned and put Prime Minister Malcolm Turnbull's leadership back in play.

European markets fell slightly on Thursday as new details covering a "no deal" Brexit and trade war worries overshadowed positive economic data from the euro zone.

The dollar weakened and United States stocks rose following his remarks, with the Nasdaq and benchmark index, the S&P 500, hitting record highs.

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Earlier in Asia, stocks fell after U.S.

The Chinese yuan traded offshore surged against the greenback after the People's Bank of China said it tweaked how it fixes the level of its nation's currency. It was still up about 0.85 percent on the week.

Australian stocks rose 0.15 percent and South Korea's KOSPI advanced 0.2 percent. Japan's Nikkei .N225 climbed 0.85 percent, lifted by a weaker yen.

The S&P 500 posted 36 new 52-week highs and four new lows; the Nasdaq Composite recorded 150 new highs and 31 new lows.

Shares of industrial giants Caterpillar Inc and Boeing Co, which have been bellwethers of trade sentiment, were among the biggest drags on the Dow, which lost about 0.3 percent.

Germany's 10-year yield was little changed at 0.34 percent. Minutes from the Federal Reserve´s last meeting, released on Wednesday, showed that officials had examined how global trade disputes could affect businesses and households, suggesting that the market´s perceived path for monetary tightening could have to change if the trade conflict upsets the USA economy.

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But all the Fed policymakers at the meeting said USA trade disputes with China and other countries created "an important source of uncertainty and risks".

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