Dollar Grows As Market Members Expect Speech from Ben Bernanke

Currency markets were in a subdued mood in European trading Friday as market participants awaited a speech on the U.S. economic outlook by Federal Reserve Chairman Ben Bernanke.

In a quiet session ahead of a long weekend in the U.K., the dollar was little changed against the pound and euro. Against the yen, the dollar gained some ground despite Japanese Prime Minister Naoto Kan giving little new insight on whether authorities there plan to stem the yen's strength, according to Wall Street Journal.

According to Bloomberg, Japan Prime Minister Naoto Kan said the government is ready to take "bold" action in the currency market after this week’s surge in the yen to a 15-year high threatened the country’s export-led recovery.

"Volatile movements in the currency market have a negative impact on economic and financial stability," Kan told reporters after speaking to business executives today in Tokyo. "We are ready when necessary to take bold measures."