News Column

US Dollar Climbs Against Most Majors Amid Fed Chair Yellen's Testimony

July 15, 2014

BRUSSELS (Alliance News) - The US dollar climbed against most major currencies in New York deals on Tuesday, as the Federal Reserve Chair Janet Yellen said that the central bank would begin raising rates faster than currently expected, depending upon improvement in US labor market.

In her testimony before the Senate Banking Committee, Yellen affirmed to keep accommodative monetary policy for sometime, as the nation is yet to attain complete recovery.

There remains considerable slack in the labor market, Fed chief added. The central bank expects the economy to grow at a moderate pace, she said.

The greenback climbed back to a 6-day high of 101.67 against the yen. Further uptrend of the greenback may take it to a resistance around the 102.5 zone.

The greenback advanced to a 6-day high of 0.8936 against the franc and held steady thereafter. On the upside, 0.90 is seen as next possible resistance level for the greenback-franc pair.

The greenback rose back against the euro with pair trading at 1.3594, nearing its early 8-day high of 1.3586. On the upside, 1.35 is seen as next resistance level for the greenback.

Meanwhile, the greenback fell to 1.7191 against the pound, its lowest since October 2008. The next downside target for the greenback is seen around the 1.73 zone.

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Source: Alliance News

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