Greenback slides after Yellen

Greenback slides after Yellen

On Thursday, the evergreen buck decreased versus a currency basket after Fed Chair Janet Yellen repeated that rate lifts would be gradual. Meanwhile, the Canadian dollar approached 13-month peaks after Canada’s major financial institution raised interest rates.

The US dollar index, which estimates the US currency’s value against six crucial currencies, declined 0.26%, trading at 95.30, which is close to the nine-month minimum of 95.22 achieved in late June.

Market participants are waiting for Friday’s American inflation figures for June due to their potential impact on the key US bank’s policy.

The greenback stood still versus the Japanese yen. The currency pair USD/JPY reached 113.13, having dipped to a one-week minimum of 112.87 overnight.

The common currency edged up, with EUR/USD soaring 0.32% and getting to 1.1447, rebounding to the 14-month peak of 1.1489 hit on Wednesday.

The Canadian dollar tacked on, with USD/CAD showing 1.2739, which is not far from the 13-month minimum of 1.2679 hit on Wednesday after the Bank of Canada raised interest rates.

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