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ONE LAST SUMMER HURRAH?

It's possible that there is a cure for those summertime blues after all, and it's Jerome Powell.

But as the Federal Reserve chair prepares to take the stage at the central bank's annual symposium in Jackson Hole, Wyoming, lethargic traders were still in need of a shot in the arm.

Financial markets continued to drift while waiting for clues from Fed officials about the path of monetary policy and the likelihood of a September rate cut after recent signs of job market weakness.

S&P 500 futures EScv1 were flat, showing little enthusiasm for breaking the cash gauge's five-day losing streak on Wall Street, which has left it on track for its biggest one-week decline this month.

Traders had ramped up bets for a September cut following a weak payrolls report at the start of this month, and after consumer price data showed limited upward pressure from tariffs.

However, market pricing pulled back slightly following the release of minutes from the Fed's July meeting. Traders are now pricing in a 75.3% probability of a cut in September, down from 82.4% on Thursday, according to the CME Group's FedWatch tool.

The euro EUR=EBS slipped 0.2% to $1.1589 as the EU and the U.S. set out details of a framework trade deal struck in July.

Meanwhile the yen JPY= weakened, with the greenback gaining 0.2% to 148.45 yen per dollar after data showed Japan's core consumer prices in July exceeded analysts' estimates and the Bank of Japan's inflation target. Governor Ueda will also speak at the Jackson Hole forum this weekend.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was also flat, supported by a 1.2% gain for China's blue-chip CSI 300 Index .CSI300, on track for its third consecutive day of gains.

Oil prices moved lower, with Brent crude LCOc1 last trading down 0.2% at $67.54 per barrel, after strong gains on Thursday as Russia and Ukraine blamed each other for a stalled peace process while U.S. data showed signs of strong demand in the top oil consuming nation.

Key developments that could influence markets on Friday:

Germany: Q2 GDP

French: Business Climate Indicator for August

UK: 1-month, 3-month and 6-month government debt auctions

(Gregor Stuart Hunter)

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