Dollar Fall to Ten-Month Low after Yellen's Comments

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The Greenback was declined on Wednesday vs. all its Group-of-10 rivals to its lowest level since September, after Federal Reserve Chair Janet Yellen was not as hawkish as expected specially when expressing worries about persistently low inflation.

  • The U.S. dollar index, which tracks the Greenback against six major peers, fell as much as 0.04, to settle at 95.72 pips.


The Greenback fell vs. JPY yesterday, after Federal Reserve Chair Janet Yellen said interest rates hikes would be gradual and the U.S. central bank may not be able to raise rates by "all that much." USD/JPY declined as much as 0.18% to settle at ¥112.96


The Sterling pound managed to pare its losses on Wednesday, after a batch of UK jobs and wage data came in slightly better than expected. Cable rose as much as 0.4%, to settle at $1.2935.


Gold prices rose yesterday as Federal Reserve Chair Janet Yellen said the central bank would only gradually tighten monetary policy, curbing speculation that U.S. interest rates would hike more than once this year. Spot gold rose as much as 0.3% to $1,223.11 and US gold futures for August delivery rose 0.3% to settle at $1,222.60.


On Thursday, Oil prices edged lower amid concerns about global oversupply, however;  strong Chinese imports and signs that U.S. storage tanks are gradually being drained offered some support to prices. Brent crude futures fell as much as 4% from their last close to settle at $47.70 by 06: 57 GMT, while West Texas Intermediate (WTI) crude futures fell as much as 3 cents to settle at $45.46.

The most important economic events:

  • USD Fed Chair Yellen Testifies Before Senate Banking Panel: (GMT 14:00) – Important

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