(RTTNews) - The dollar was generally weaker Friday morning in New York, as central bankers and prominent economists gathered in Jackson Hole for the Federal Reserve's annual retreat. All eyes will be on the Grand Tetons for a speech from Fed Chairman Ben Bernanke at 10 am ET, where he will offer his assessment on recent economic developments amid talk of a possible double-dip recession. Bernanke is not expected to make any specific policy announcements or mention a third round of quantitative easing, but will likely signal that the Fed stands ready with a variety of tools to help the economy in the event of another serious downturn. The Fed's projections for economic growth were far too optimistic for 2011, prompting the central bank to vow to keep interest rates near zero for the next two years. Prior to Bernanke's speech, traders will be treated to the preliminary U.S. GDP report, which is expected to show the growth rate expanding at an annualized pace of 1.1 percent versus an initial forecasts for a 1.3 percent rise. The dollar continued its prolonged run of choppy trading versus the euro, slipping almost a penny to $1.4420. The pair has been stuck around these levels for the past few months. Ratings agencies responded to rumors that Germany was facing a downgrade by affirming the nation's AAA status on Thursday. There was little movement against the sterling this morning, with the dollar keeping its gains from the previous session. Amid the release of figures confirming the U.K. economy grew at an anemic 0.2 percent in the second quarter, the dollar stayed near $1.63. On the other hand, the dollar was unable to sustain yesterday's gains versus the yen, slipping to Y77 from above Y77.60. With the loss, the dollar moved back toward this month's record low of Y75.93.

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