Oil prices steadied in Asian trade on Friday after rebounding in the prior session amid some bargain buying, but were still headed for steep weekly losses amid persistent concerns over slowing demand.
The yen rose on Friday as traders considered comments from Bank of Japan Governor Kazuo Ueda, who sought to calm lingering nerves after a surprise rate hike last month, while markets braced for a speech from Federal Reserve Chair Jerome Powell.
Most Asian stocks rose on Thursday amid increased optimism over lower U.S. interest rates, but overall gains were limited as a downward revision in payrolls data spooked markets.
Oil prices fell in Asian trade on Thursday, extending a run of recent losses as weak U.S. labor data fueled concerns over an economic slowdown in the country and largely offset optimism over interest rate cuts.
The dollar traded near the lowest in more than a year against the euro and sterling on Thursday as a dovish Federal Reserve and fresh signs of weakness in the U.S. job market backed the case for interest rate cuts.
Asian shares slipped on Wednesday as a stellar rebound in world stocks paused for breath, while bond yields and the dollar fell ahead of U.S. economic data and speeches from policymakers that are expected to make the case for interest rate cuts.