Investing.com - The rose against most major currencies on Friday
after Federal Reserve Chair Janet Yellen's noted improvements
taking place in the labor market , though profit taking trimmed the
In U.S. trading on Friday, EUR/USD was down 0.21% at 1.3252.
Speaking at the Federal Reserve Bank of Kansas City's annual
Jackson Hole symposium, Janet Yellen said the U.S. economy is
recovering and added the labor market is improving as well.
"More jobs have now been created in the recovery than were lost
in the downturn, with payroll employment in May of this year
finally exceeding the previous peak in January 2008. Job gains in
2014 have averaged 230,000 a month, up from the 190,000 a month
pace during the preceding two years," Yellen said in prepared
remarks of her speech.
"The unemployment rate, at 6.2 percent in July, has declined
nearly 4 percentage points from its late 2009 peak. Over the past
year, the unemployment rate has fallen considerably, and at a
surprisingly rapid pace."
Yellen's comments sparked a rally earlier for the dollar, though
profit taking kicked in after markets concluded that the Fed will
still take its time raising interest rates to avoid disrupting
"Underutilization of labor resources still remains significant,"
"Given this assessment and the Committee's expectation that
inflation will gradually move up toward its longer-run objective,
the Committee reaffirmed its view 'that it likely will be
appropriate to maintain the current target range for the federal
funds rate for a considerable time after our current asset purchase
program ends, especially if projected inflation continues to run
below the Committee's 2 percent longer-run goal, and provided that
longer-term inflation expectations remain well anchored.'"
Geopolitical concerns also sparked profit taking and sent
investors to gold.
Ukraine declared on Friday that Russia had launched a "direct
invasion" of its territory after Moscow sent a convoy of aid trucks
across the border into eastern Ukraine where pro-Russian rebels are
fighting government forces.
The dollar was up against the yen, with USD/JPY up 0.07% at
103.92, and up against the Swiss franc, with USD/CHF up 0.23% at
The greenback was up against the pound, with GBP/USD down 0.02%
The dollar was mixed against its cousins in Canada, Australia
and New Zealand, with USD/CAD up 0.02% at 1.0943, AUD/USD up 0.15%
at 0.9316 and NZD/USD down 0.05% at 0.8402.
The US Dollar Index, which tracks the performance of the
greenback versus a basket of six other major currencies, was up
0.19% at 82.37.
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