The
dollar advanced to almost a five-year high as Federal Reserve Chair
Janet Yellen stressed that the central bank remains on pace to increase
interest rates next year for the first time since 2006.
The
greenback extended gains after Yellen said that the shift in guidance
means œthe committee considers it unlikely to begin the normalization
process for at least the next couple of meetings. Officials held the
rate at zero to 0.25 percent, where its been since 2008, while replacing
a pledge to keep borrowing costs near zero for a œconsiderable time.
The
Bloomberg Dollar Spot Index, which tracks the currency against 10 major
currencies, added 1 percent to 1,121.34 as of 3:08 p.m. in New York. It
closed on Dec. 5 at 1,122.34, the highest since March 2009.
The
dollar gained 1.6 percent to 118.29 yen after depreciating to 115.57
yesterday, the weakest since Nov. 17. The U.S. currency strengthened 1.1
percent to $1.2366 per euro. The yen fell 0.5 percent to 146.37 per
euro after adding 1.6 percent in the previous two days.
Source : Bloomberg
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