The US dollar edged higher early Friday, bolstered by sudden turnaround ignited by optimistic US data and higher Treasury yields.
Dollar bulls, since the Federal Reserve rendered a dovish stance last week, have been more guarded.
Versus the euro, the greenback traded at $1.0876 from $1.0525. The currency closed at ¥119.28 from its one-month trough of ¥118.33.
Market participants on a longer-term seem to sell the currency at better levels… low and dropping real rates would likely to keep euro zone and Japanese investors focused on selling their currencies into rallies,” benefiting the dollar, according to analysts at BNP Paribas.
Meanwhile, Fed Chair Janet Yellen is slated to give a speech on monetary policy today, before the Federal Reserve Bank of San Francisco Conference.
The material has been provided by InstaForex Company – www.instaforex.com