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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Dollar under pressure before Bernanke speaks AFP - Saturday, October 16 Send IM Story Print Dollar under pressure before Bernanke speaks LONDON (AFP) - – The dollar came under selling pressure on Friday while traders awaited a speech from Federal Reserve chairman Ben Bernanke which could signal more monetary easing. Global stock markets wobbled, with investors reviewing strong gains this week driven by renewed prospects of a second phase of quantitative easing (QE2) from the US central bank. "Everybody is waiting for Bernanke this afternoon. We are waiting to see whether he continues with QE2, and the dollar is going to carry on sliding until we see some announcement from him," said ProSpreads analyst Simon Brown. "Stock markets are down because they have had a really good run and are taking a breather and waiting for the Bernanke announcement. I cannot see much happening for the next few hours." The dollar was being traded at 81.22 yen in late morning deals, after tumbling on Thursday to a 15-year low of 80.89. The European single currency stood at 1.4101 dollars, having jumped to 1.4122 on Thursday, when the Australian dollar had soared close to parity. The prospect of more monetary easing measures -- via the purchasing of bonds and other assets -- kept the dollar under fierce pressure this week and sent the Australian dollar soaring to 99.94 US cents. "When (Bernanke) most likely does announce it, we might see a bit of a turnaround. Before then, the euro may see another small move up to 1.42, maybe 1.43 dollars," added Brown. Asian stocks were broadly lower on Friday, while European markets traded narrowly mixed. London dipped 0.20 percent, but Frankfurt added 0.29 percent and Paris gained 0.25 percent. "All eyes are on Bernanke's speech, with traders eager ... for clues about the likelihood of another round of quantitative easing to bolster the world's top economy," said currency strategist Ilya Spivak at trading site Daily FX. He added that there were "increasing signs that the global recovery will cool in the second half of the year". World equities rallied this week after minutes from last month's Fed policy meeting showed on Tuesday that the US central bank anticipates additional stimulus may be needed soon to prop up a slowing economic recovery. Feverish speculation that the Federal Open Market Committee (FOMC) could next month implement QE2 also helped send gold prices to new record peaks. "The speech today from Bernanke is likely to merely cement further the expectations that are already built into the market," said currency analyst Derek Halpenny at the Bank of Tokyo-Mitsubishi UFJ in London. "The only element of uncertainty now over QE2 is how substantial the buying of US government bonds will be." However, Asian stocks mostly fell on Friday as US data stoked concerns that the Fed's expected easing may not be enough to kickstart the economy. At the same time, fears of a global currency war mounted on Friday after Japan voiced concerns about wild forex movements, while China said the United States should not use the yuan as a "scapegoat" for its economic woes. The comments come as tensions simmer between nations as they to damp their currencies to safeguard exports, an issue that is set to dominate a Group of 20 summit of the world's top economies next month. Last weekend, top international finance officials failed to agree measures to head off what some see as a "currency war", as nations intervene to prevent their currencies rising to levels that make exports prohibitively expensive. Tokyo on Wednesday criticised China and South Korea for their policies, calling on them to refrain from pushing their currencies lower and act responsibly to help stabilise markets. "There is a huge amount of pressure on other countries to try and weaken their currencies so they can start exporting more effectively," added Brown at ProSpreads. The Fed's expected easing measures are aimed at boosting the world's biggest economy, which many in Washington say is also being hampered by an undervalued Chinese yuan. In Wall Street action on Thursday, a sharp drop in bank shares dragged US stock markets into the red as concerns over a deepening foreclosure scandal outweighed hopes for new government stimulus. Even so, the blue-chip Dow Jones Industrial Average only shed a marginal 0.01 percent to finish at 11,094.57 points. Data meanwhile showed that the US trade deficit jumped to 46.3 billion dollars in August as the gap with China hit a new record high. 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