The US dollar soared on Wednesday following Federal Reserve Chair Janet Yellen bolstered projections for an interest rate hike, which could take effect as soon as September.
In her Congressional testimony, Yellen said the US central bank was still slated to raise rates this year, with labor markets awaited to stabilize and upheaval abroad won’t likely topple the US economy.
The greenback stood at $1.0948 per euro. Against the Japanese yen, the dollar traded at ¥123.69.
“There was no straying from the message,” said Alan Ruskin, Global Head of FX Strategy at Deutsche Bank.
The currency also got a boost from a Labor Department data, showing the producer price index for final demand gained 0.4% in June.
The material has been provided by InstaForex Company – www.instaforex.com