Dollar Rises From Six-Month Low as Yellen Cites Solid Growth

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The dollar rose from a six-month low against a basket of peers as Federal Reserve Chair Janet Yellen said the U.S. economy is poised for growth.

The euro traded at almost a seven-week high before the European Central Bank is forecast to refrain from adding additional monetary stimulus at a meeting tomorrow. The U.S. currency strengthened as Yellen told a congressional panel that data show œsolid growth for the economy in the second quarter, bolstering the case for a faster expansion this year. The New Zealand dollar slid versus all 16 of its major peers after Reserve Bank Governor Graeme Wheeler said the central bank may consider selling the currency if it fails to respond to worsening fundamentals.

The Bloomberg Dollar Spot Index, which monitors the greenback against 10 major counterparts, gained 0.1 percent to 1,002.99 at 11:34 a.m. in New York. It fell yesterday to 1,002.02, its lowest level since Oct. 29.

Source : Bloomberg