C$ edges to 3-1/2-week high, but underperforms rivals

C$ edges to 3-1/2-week high, but underperforms rivals

C$ edges to 3-1/2-week high, but underperforms rivals

Federal Reserve Chair Janet Yellen defended financial rules introduced to the U.S. after the 2008-2009 financial crisis, backing policies that President Donald Trump has deemed "a disaster".

But she also defended several financial rules that have come under scrutiny by top Trump administration officials and leading Republicans in Congress.

She said the reforms put in place after the 2007-2009 financial crisis have strengthened the financial system, without impeding economic growth.

"Such changes include adjustments that may simplify regulations applying to small and medium-sized banks and enhance resolution planning", she said. Stanley Fischer, the Fed's vice-chair, this month called such demands "extremely risky and extremely short-sighted", and on Thursday Robert Kaplan, the Dallas Fed chief, said it would be hazardous to loosen regulation at a time of soaring asset prices.

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USA stocks got off to a strong start after President Donald Trump's chief economic adviser Gary Cohn said the White House would turn its attention to the long-awaited tax reform agenda next week. But many reforms have been implemented only fairly recently, markets continue to adjust, and research remains limited.

Last week the Fed's Dudley commented that rising asset prices suggested the Fed likely needed to do more to tighten financial conditions.

While Yellen's speech comes down in favor of reforming the reforms, that message probably isn't aggressive enough to win her another term, given Trump's harsh criticism of the Dodd-Frank regulations passed under President Obama in 2010.

Sterling bounced 0.7 percent to $1.2875 and is set for its biggest daily rise in almost a month. The ECB aims for an annual inflation rate of just below 2 percent.

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She insisted there was no evidence that regulatory changes had either acted as a drag on economic growth or hindered the ability of banks to lend.

However, Ms Yellen did say that "sooner or later" the familiar risks of excessive optimism, leverage and maturity transformation would re-emerge.

The respective central bank heads certainly have the capability of materially influencing the direction of their respective currencies, though Draghi has tended to be the more dovish of the two in recent years, with the Eurozone economy having been slower in the post global financial crisis recovery.

While the European Central Bank president startled investors in 2014 by laying the groundwork for quantitative easing, his published remarks at the Federal Reserve symposium in Wyoming this year included nothing on policy makers' deliberations scheduled for September 7 or on their concerns over the euro's appreciation.

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