|08-25-2014, 01:12 PM||#1|
Yellen statements push dollar higher
Volatile trading and fluctuations kick-started the week in Asia on Monday as investors react to Jackson Hole comments from Federal Reserve Chairwoman Janet Yellen addressed some members concerns about the ability for the Fed to sustain the level of monetary policy stimulus, raising speculations on the timing of interest rate hike.
Yellen said during the weekend that raising interest rates may take place next year, which initially is perceived more hawkish, giving less attention to economic growth; however, it helped greenback gain against major currencies.
The euro however was pressured lower after ECB’s Mario Draghi diverted from the Fed’s stance and reiterated readiness and availability of more policy easing tools to be applied if needed, keeping the downside pressure on the euro intact.
The political unrest currently seen also helped the dollar to jump to the highest in 11-month pushing EURUSD to open with a bearish gap set a fresh low of 1.3188 in the first trading day this week from 1.3243 closing levels Friday.
USD/JPY is currently trading at a seven-month high at 104.26, with expectations that further gains will be seen if the pair managed to breach 104.80 areas.
As for the Australian dollar, it picked up slightly against the dollar in the Asian session to record the highest at 0.9315, after it kick started the session at 0.9291.
New Zealand dollar continues to trade at a six-month low against the green currency, and the pair recorded today`s low at 0.8336.
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