His speech comes at a pivotal moment for the U.S. economy. Growth has slowed. Stock prices have been gyrating. Europe is struggling to contain a spreading debt crisis. And analysts have been reducing their forecasts for growth this year and next.
The situation resembles the one Bernanke faced last year. He responded at the annual economic conference in Jackson Hole by suggesting that the Fed could buy more government bonds. The goal was to reduce long-term rates, stimulate spending and lift stock prices.
Asian stocks unsteady ahead of Ben Bernanke's speech
Asian stock markets were unsteady Friday as investors waited to see whether Federal Reserve Chairman Ben Bernanke would promise new steps to help the US economy ward off another recession.
Japan's Nikkei 225 swung between gains and losses before hitting a plateau at 8,769.77. Hong Kong's Hang Seng gave up early gains and dipped 0.2 per cent to 19,710.07 while Australia's S&P/ASX 200 was 0.2 per cent lower at 4,204.80. South Korea's Kospi rose 0.3 per cent after a volatile morning to 1,770.03. Read Asian stock markets Down august 26 2011
Oil hovers near $85 as Bernanke speech awaited
Oil prices hovered above $85 a barrel Friday in Asia as investors awaited a key policy speech later in the day from U.S. Federal Reserve Chairman Ben Bernanke.
Benchmark oil for October delivery was down 23 cents to $85.07 at midday Singapore time in electronic trading on the New York Mercantile Exchange. Crude rose 14 cents to finish at $85.30 on Thursday.
Gold advances ahead of Bernanke speech
Gold futures edged higher Friday in early afternoon trading in East Asia, helped by a falling dollar as traders looked ahead to a much anticipated speech later in the day by U.S. Federal Reserve Chairman Ben Bernanke. Benchmark gold for December +0.37% was up $14.90, or 0.9%, to $1,778.10 per troy ounce.
Dollar drops to lower 77 yen, market subdued before Bernanke speech
The dollar fell slightly to the lower 77 yen range Friday morning in Tokyo, but its decline was limited with mixed views on the outlook for U.S. monetary policy ahead of Federal Reserve Board chairman Ben Bernanke's speech coming later in the day.
At noon, the dollar traded at 77.31-35 yen versus 77.41-51 yen in New York and 77.01-03 yen in Tokyo at 5 p.m. Thursday. The euro was quoted at $1.4402-4403 and 111.33-37 yen against $1.4374-4384 and 111.35-45 yen in New York and $1.4454-4456 and 111.31-35 yen in Tokyo late Thursday afternoon.
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