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U.S. dollar was lifted up by rate hike comments from Fed chair; Euro slightly recovers

The U.S. currency strengthened on Wednesday’s opening bell thanks to Yellen’s comments regarding the continuation of interest rate hikes. The euro recovered from its downfall yesterday amidst the election in Germany.

U.S. Federal Reserve Chief Janet Yellen said yesterday that the central bank needed to slowly lift rates regardless of the rising concerns about inflation. She suggested that it wouldn’t be wise to maintain monetary stimuli at least until inflation returned to 2 percent.

The U.S. dollar index stood tall at 93.07. The index notched its best monthly level of 93 last Tuesday.

The dollar was also ahead of its Japanese counterpart closing at 112.27 yen after bouncing back from 111.50 yen on the previous day.

The euro finished in the red zone yesterday as it fell to a five-week low of $1.17575. Still, the common currency managed to recover on early Wednesday trading climbing to $1.1790.

 Asian indices mostly closed in the red zone

Markets in Asia fell on Wednesday as investors heard Yellen’s remark about rate hikes.

Japanese benchmark Nikkei 225 index dropped more than 0.41 percent due to the poor performance of its financials and auto sectors. The Aussie benchmark ASX 200 index inched down by 0.06 percent, with its information technology as the leading decliner. The South Korean benchmark Kospi index traded just above the flat line by 0.03 percent.

* The details mentioned above have been partially adopted from third party sources, including websites, and are displayed “AS-IS” Readers should take into account that all the data that appear in this review can change based on the dynamic of global markets. The information provided by the review ought not to be considered as advice or financial guidance nor can it relate to any investor’s personal requirements or investment goals. In addition, the data should not be conceived as any kind of recommendation to trade and / or carry out a transaction and / or deposit funds.