Investing.com – The dollar retreated further against a basket of major currencies on Friday, after Federal Reserve Chair Yellen hinted that a March rate hike would be ‘appropriate’.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, slumped 0.62% to 101.53, after hitting a seven-week high of 102.26 on Thursday.
Federal Reserve Chair Janet Yellen said on Friday, she expected a gradual increase in interest rates this year and hinted that should U.S. economic data come in as expected, then further monetary tightening “” at the Fed’s policy meeting on March 15.
“At our meeting later this month, the committee will evaluate whether employment and inflation are continuing to evolve in line with our expectations, in which case a further adjustment of the federal funds rate would likely be appropriate,” Ms. Yellen said.
Investing.com’s , inched higher after Ms. Yellen’s comments − 81.9% of traders expect a rate hike in March compared to 73.1% of traders prior to Fed Chair Yellen’s speech.
Elsewhere, rose 0.07% to $1.2276 while tacked on nearly 1% to 1.0600.
Meanwhile, held firm to trade at $1.3401, up 0.06%
The dollar shed earlier gains against the yen with down 0.29% to 114.09.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Latest posts by investing.com (see all)
- Forex – Weekly Outlook: March 25 – 29 - March 24, 2019
- Forex – Dollar's March Higher Stifled by Rally in Yen on Safe-Haven Demand - March 22, 2019
- Plummeting Lira Defies Turkey's Surprise Monetary Tightening - March 22, 2019