The dollar dropped initially after Federal Reserve Chair Janet Yellen made some hawkish comments during her speech late this morning, but quickly reversed and has turned sharply higher. Yellen stated that the case for another interest-rate hike has strengthened recently. Her comments propelled the U.S. currency higher, overshadowing some lackluster economic data earlier this morning.
The Canadian dollar advanced against its major rivals in early New York deals on Wednesday, after the Bank of Canada kept benchmark interest rate unchanged, as inflation remains roughly in line with the Bank’s expectations. The BoC maintained its target for the overnight rate at 0.5 percent. The decision was in line with forecasts. The
The U.S. dollar extended overnight rally against its key counterparts in pre-European trading on Thursday, as minutes from the Federal Reserve’s April meeting showed an optimistic outlook about the U.S. economy and hinted at the possibility of an interest rate hike in June. “Most participants judged that if incoming data were consistent with economic growth
The dollar dropped against all of its major rivals Friday morning, following the release of several weaker than expected economic reports. The U.S. currency has pared its losses over the course of the trading day and is now turning in a mixed performance. The buck is down against the Euro and the Japanese Yen, but
The U.S. dollar weakened against the other major currencies in the Asian session on Wednesday, as weak U.S. business productivity data in the second quarter raised speculation that the Federal Reserve would be slow to raise interest rates. The Labor Department released a report on Tuesday showing an unexpected decline in U.S. labor productivity. The