Posted On: April 22, 2014
Yellen's maiden speech as Federal Reserve chair on Monday, with its strong emphasis on the need to bring down unemployment significantly, reinforced expectations that the federal funds interest rate would not begin rising until late next year.
That put a sell sign on the greenback, which was backed up by some improved manufacturing data from Europe.
At 2100 GMT, the euro was at US$1.3793 (RM4.50), compared to US$1.3772 late Monday. Earlier it jumped over the US$1.38 level.
"The talk is that this move was primarily fueled by stronger-than-anticipated economic data out of the (European) region as well as follow-through from dovish comments made by Yellen," said Jonathan Terela at Western Union Business Solutions.
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Category: Media Coverage
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