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Yellen’s Speech Strengthened The Dollar

The exchange rate of the US dollar strengthened against most major currencies on Monday (19/12/2016), encouraged the Federal Reserve positive statement about the labor market in the country.

Yellen said in a public speech on Monday that “after years of slow economic recovery, you are entering into the strongest job market in nearly a decade,” adding that there were also indications that the growth of wages are on the rise.

His statement came a week after the U.S. central bank decided to raise interest rates for the first time this year.

The Fed also released an updated economic projections, which suggest that the central bank forecast a rise in interest rates on three next year, while in Windows will arise in September, the Fed officials estimate only two interest rates hikes in 2017.

The dollar index, which tracks the greenback against six major currencies, rose 0.17 percent to end Monday trading at 103.120.

In late New York trading, the euro fell into 1.0405 dollars from 1.0438 dollars, and pounds United Kingdom dropped to 1.2399 dollars from 1.2487 dollars. The dollar dropped to Australia 0.7245 dollars from 0.7299 dollars.

The dollar bought 117.36 Japan yen, lower than 117.91 yen in the previous session. Dollar falls into thin 1.0268 francs 1.0270 francs from Switzerland, and rose to 1.3412 dollars from 1.3344 dollars in Canada…(Red)

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