Greenback surges against yen after Fed's Dudley demonstrates hawkish tone

Greenback surges against yen after Fed's Dudley demonstrates hawkish tone

On Tuesday, the greenback hit a more than three-week peak versus the Japanese yen after an influential Federal Reserve official told that American inflation might inch up alongside wages, thus backing hopes for the Fed to keep lifting interest rates.

The US dollar went up to 111.775 yen, hitting its strongest value since May 26. It marked a profit of nearly 2.7% from the greenback’s 2-month minimum of 108.81 yen hit on June 14.

The major American currency last traded at 111.67 yen, gaining 0.1% on the day.

On Monday, the greenback gained when New York Fed President William Dudley told that tightening in the labor market would underpin inflation.

It helped to compensate worries among some market participants that surprisingly low inflation could prevent the major US bank from lifting interest rates further in 2017.

The common currency inched up 0.1%, being worth $1.1156.

Similar

Latest news

Evergreen buck heads north

On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…

Gold ascends on Brexit jitters

On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera