Dollar steady ahead of Powell speech; Ueda aims to calm market nervesSINGAPORE - The U.S. dollar was calm on Friday as traders braced for comments from Federal Reserve Chair Jerome Powell, while Bank of Japan Governor Kazuo Ueda aimed to soothe lingering market nerves after a surprise rate hike last month.
Bouts of interventions and an interest rate hike in July tripped up investors who unwound the popular carry trade, in which traders borrowed yen to finance high-yielding assets, yanking the yen away from the 38-year lows touched last month. However, Ueda said the central bank was ready to raise rates if the economy and prices move in line with its forecast.
That sets the stage for Fed's Powell, who is due to speak at a central bank event in Jackson Hole, Wyoming, later on Friday where traders will tune in to gauge when and by how much the Fed could lower borrowing costs. "While a soft landing for the economy is still within sight, it is by no means guaranteed," said Ryan Brandham, head of capital markets for North America at Validus Risk Management.The euro was last at $1.1119, not far from the 13-month high it touched on Wednesday, while sterling was last at $1.3099, just shy of the 13-month high it hit on Thursday.
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