Forex - Dollar rises broadly as Yellen comments support

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Investing.com - The dollar was broadly higher against the other major currencies on Monday, as Federal Reserve Chair Janet Yellen's upbeat comments on Friday boosted demand for the greenback.

The dollar strengthened broadly after Fed Chair Janet Yellen said on Friday that the U.S. economy is recovering and added the labor market is improving as well.

Ms. Yellen was speaking at the Fed's annual meeting of top central bankers and economists in Jackson Hole, Wyoming.


EUR/USD dropped 0.30% to 1.3200, after European Central Bank President Mario Draghi told the Jackson Hole gathering that the central bank is ready to take more unconventional action if needed to stimulate a sluggish euro zone economy.

Earlier Monday, the German research institute Ifo said its Business Climate Index fell to a more than one-year low of 106.3 this month, below forecasts for 107.0 and down from a reading of 108.0 in July.

The weak data dampened optimism over the health of the euro zone's largest economy.

The pound held steady, near five-month lows with GBP/USD at 1.6586.

The dollar was little changed against the yen, with USD/JPY at 103.97, and higher against the Swiss franc, with USD/CHF up 0.24% to 0.9159.

Meanwhile, AUD/USD dipped 0.01% to 0.9315 and NZD/USD retreated 0.43% to 0.8366, while USD/CAD inched up 0.06% to 1.0952.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.20% at 82.54, the highest since September.

Later in the day, the U.S. was to release data on new home sales.

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This article appears in: Investing , Forex and Currencies

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