|08-22-2014, 01:38 PM||#1|
U.S. dollar surrenders some gains ahead of Yellen`s speech
The U.S. dollar gave up some of the recent gains on Thursday ahead of a highly anticipated speech by Federal Reserve Chair Janet Yellen in Jackson Hole.
The dollar had climbed steadily this week against other major currencies, riding rising U.S. Treasury yields in contrast to declining euro rates.
The minutes of the latest meeting of the Fed`s policy-setting Federal Open Market Committee, released on Wednesday, revealed an unexpectedly active debate among members over whether increases in U.S. interest rates may be needed sooner than generally forecast.
But the U.S. dollar index that tracks the value of the dollar against a six-currency combination was down 0.1 percent in late New York trading at 82.15 after touching an 11-month peak of 82.364 during overnight dealings.
The euro recovered from an 11-month low against the dollar after relatively upbeat German private sector growth data. The euro, which traded in early May a sniff under $1.40, was last up 0.16 percent to $1.32796.
In the euro zone, Germany`s private sector grew for a 16th month running in August, suggesting Europe`s largest economy could expand robustly in the third quarter after it surprisingly contracted in the second.
Data from France, however, showed business activity was stagnant in August, although service sector growth picked up.
Among the biggest movers in the European session was the Norwegian Krone, which hit a two-month high against the euro after forecast-busting growth data.
Norway`s economy grew 1.2 percent in the second quarter, double expectations, and piling pressure on the central bank to bring forward a rate hike.
The euro was last down 0.58% against the Krone at 8.16225, after earlier 81.550, the lowest since June 18.
The krone also rose sharply against the dollar despite the greenback`s being the most sought-after of the actively traded currencies in the past few sessions. The dollar last traded at 6.14567 crowns, down 0.75 percent.
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