* U.S. dollar on track for best month since November
* Imminent U.S. rate rises still on investors' minds
* Global stocks edge higher
(Updates with U.S. market openings, changes dateline, previous
LONDON)
By Saqib Iqbal Ahmed and Caroline Valetkevitch
NEW YORK, May 27 (Reuters) - The U.S. dollar and world stock
indexes edged higher on Friday ahead of a speech by Federal
Reserve Chair Janet Yellen that could provide new signals on the
timing of a U.S. interest rate hike.
Crude oil prices eased after hitting seven-month highs above
$50 a barrel the day before.
The dollar added to gains after U.S. data showed economic
growth slowed in the first quarter although not as sharply as
initially thought. A surge in home building and steady inventory
accumulation partially offset modest consumer spending and soft
business investment.
Yellen is due to speak at an event hosted by Harvard
University at 1:15 p.m. ET (1715 GMT). Numerous Fed officials in
recent weeks have talked up expectations that an increase in
borrowing costs may be near.
"We're expecting a lot of major data in the next few weeks
and Yellen will balance her comments, keeping that in view,"
said Nadia Lovell, U.S. equity specialist at J.P. Morgan Private
Bank in New York.
The Dow Jones industrial average .DJI was up 34.93 points,
or 0.2 percent, to 17,863.22, the S&P 500 .SPX had gained 5.14
points, or 0.25 percent, to 2,095.24 and the Nasdaq Composite
.IXIC had added 19.63 points, or 0.4 percent, to 4,921.39.
MSCI's all-country world stock index .MIWD00000PUS rose
0.2 percent, while the pan-European FTSEurofirst 300 index
.FTEU3 of leading regional stocks was up 0.2 percent.
European shares were propped up by the Swiss stock market
and pharmaceuticals companies after drugmaker Roche ROG.S
climbed on positive results for one of its products.
Trading volumes were relatively light ahead of public
holidays that will close London and New York markets on Monday.
The dollar index .DXY was up 0.40 percent and on track for
its strongest monthly performance since November.
U.S. Treasury prices slipped ahead of Yellen's speech.
"People are waiting to see whether they would get anything
meaningful, but it's highly unlikely she wants to rock the boat
before a long holiday weekend," said Larry Milstein, head of
government and agency trading at R.W. Pressprich & Co. in New
York.
Benchmark 10-year Treasury notes US10YT=RR were down 3/32
in price for a yield of 1.834 percent, up 1 basis point from
Thursday. The U.S. bond market will close early at 2 p.m. (1800
GMT) ahead of the long holiday weekend.
In the energy market, Brent LCOc1 fell 52 cents to $49.07
a barrel, retreating from the previous session's $50.51 peak,
its highest since early November. U.S. crude CLc1 dropped 33
cents to $49.15 after touching $50.21 on Thursday, its highest
since early October.
Gold slid to an eight-week low and was headed for a fourth
consecutive weekly drop on rate hike concerns. Spot gold XAU=
was down 0.3 percent at $1,215.39 an ounce.