Janet Yellen defends United States regulations

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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 USA dollars from 1.2804 US dollars. Countering, House Speaker Paul Ryan said Thursday the borrowing limit will be raised. "Enough is on the sidelines and volumes are very small", said Andrew Brenner, head of worldwide fixed income at Natalliance Securities.

Janet Yellen will speak at 10 a.m. ET in what could be her final appearance at the summit as leader of the Federal Reserve.

The Conference, hosted by the Kansas Federal Reserve, started late Thursday and will run through Saturday.

Excluding a steep drop in orders for transportation equipment, durable goods orders increased by 0.5 percent in July after inching up by 0.1 in June.

In Europe, the FTSE 100 index of leading British shares was down 0.1 percent at 7,374 while Germany's DAX fell 0.3 percent to 12,192. Still, new filings for unemployment benefits remains close its lowest in over 40 years.

Both figures are consistent with previous estimates, though the quarter-on-quarter figure printed higher than the 0.2% expansion demonstrated in Q1.

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Looking at reactions in forex markets, the dollar was trading at 109.36 yen, the euro/dollar pair rose to 1.1855 and sterling reached $1.2854 in early exchanges during the U.S. session.

For want of answers from Ms Yellen on the direction of monetary policy, investors sent the United States dollar tumbling, leaving it down 0.8 per cent against a basket of currencies shortly after 2000 GMT.

The euro's recent strength, which has been based largely on growing signs of economic momentum in the eurozone, has been one reason why many ECB watchers think the central bank will tread carefully in reining back its stimulus measures, which has seen it slash interest rates including its main one to zero. The pound is now trading at $1.6041. The 2-year swap rate was flat at 2.18%. The rate on Treasury bills maturing October 12 jumped by as much as five basis points Thursday, the largest intraday move since March.

Among individual stocks, Walmart saw some of the strongest gains, rising 0.9%.

Another safe haven currency, the Swiss franc was also a beneficiary of the unstoppable dollar weakenss on Friday, with USD/CHF trading 0.9% lower to 0.9568.

-West Texas Intermediate crude declined about 2 percent to settle at $47.43 a barrel, on track for its fourth weekly decline. The December futures contract settled up $4.60, or 0.4%, at $1,296.60 a troy ounce on the Comex division of the New York Mercantile Exchange.

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