Wall St rises modestly on Yellen speech

Wall St rises modestly on Yellen speech

The dollar fell to a three-week low against the euro and a one-week trough versus the yen on Friday after Federal Reserve Chair Janet Yellen made no reference to US monetary policy in her speech at the annual central bank research conference in Jackson Hole, Wyoming.

President Donald Trump picked a new fight on Thursday with his fellow Republicans, saying congressional leaders could have avoided a "mess" over raising the USA debt ceiling if they had taken his advice.

After initially moving lower, treasuries showed a notable turnaround over the course of the trading session on Friday.

United States markets opened higher on Friday as investors waited to hear speeches by the heads of the USA and European central banks.

"Yellen's remarks appeared aimed squarely at Republicans in Congress and the White House who are aiming to push back against the regulatory tightening imposed after the financial crisis", says Avery Shenfel from the economics team at CIBC Capital Markets.




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.

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. The dollar index fell 0.43% to last trade at 92.89. In the USA, durable goods orders for July are due out at 13:30 BST. The CAC 40 in France was 0.2 percent lower at 5,122.

Today's macroeconomic updates include the German GfK consumer confidence index due out at 07:00 BST, to be followed by the nation's IFO business climate index at 09:00 BST.

Reports on consumer confidence, personal income and spending, pending home sales, and manufacturing activity may also attract attention. Toyota Motor Corp gained 1.1 percent, Honda Motor Co rose 0.7 percent and Advantest Corp climbed 1.0 percent. However, orders for transportation equipment plunged 19%, weighing on the overall orders for durable goods. The greenback is seen finding support around 1.29 against the pound and 1.19 against the euro. That may allay some recent fears that the rise in the euro over the past few months was sapping exports by making eurozone products less competitive in global markets.

"She is sort of putting a stake in the ground here in terms of this regulation issue, which is the one sort of sticking point between her and Trump right now", said Phil Orlando, chief equity market strategist at Federated Investors in NY. On the Nasdaq, 1,709 issues rose and 929 fell.

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