Dollar Index Edges Higher Following Friday’s Comments from Yellen
The US dollar continued to benefit from the outlook for monetary tightening from the Federal Reserve, rising against a basket of currencies during Monday’s trading. The greenback gained mostly on currencies of emerging markets, while its performance versus major currencies was far from stellar. Fed Chair Janet Yellen was speaking on Friday, and she has signaled that the Fed may tighten monetary policy “in the coming months.” Such comments supported the dollar, and the Dollar Index rose about 0.2% during the current trading session. Yet the greenback struggled to rise against majors, with the exception of the very soft yen. One of the possible reasons for the dollar’s underperformance was the fact that US markets are closed for a holiday. This prevented the reaction to the Yellen’s words to be as strong as could have been otherwise. EUR/USD edged higher from 1.1112 to 1.1134 as of 18:08 GMT today. GBP/USD went up from 1.4606 to 1.4632. USD/JPY climbed from 110.41 to 111.08. If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below. http://www.earnforex.com/news/2016/05/30/dollar-index-edges-higher-following-fridays-comments-from-yellen/
