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Dollar strengthens against rivals ahead of Yellen’s statement

During Tuesday’s Asia trade, the greenback strengthened against the euro and the yen, as investors waited for official comments from Janet Yellen, the Fed’s chairwoman to get more clarity as for the Fed’s upcoming move.    

The dollar traded ¥113.64, compared to Monday’s result ¥113.46 in New York.

On Monday, the EU’s currency was mostly intact, trading in a narrow range of $1.1190-$1.1198. Against the Japanese currency, the euro soared to ¥127.22 from ¥127.03. Additionally, the WSJ Dollar Index gained up to 0.06%, trading at 87.82.

After several recent comments from the Fed’s representatives, traders are currently looking forward to further comments from Yellen, the Fed’s chief. 

A bit earlier, the central bank disclosed its intention to increase the benchmark rate at least twice in 2016, while not so long ago up to four hikes were scheduled. The greenback faced selling pressure, because lower interest rates make this global asset less tempting to yield-hungry traders. Nevertheless, the US currency managed to bounce back following rumors on April’s hike.       

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