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USD Rises to 3 Week High Awaiting Yellen’s Comments

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The dollar rose to its highest level against the euro in nearly three weeks Tuesday as traders awaited remarks from Federal Reserve Chairwoman Janet Yellen that they hope will shed light on the central bank’s intentions.

The euro  fell to $1.1130 late Tuesday in New York, down 0.5% from $1.1188, its level late Monday in New York. The British pound also traded lower, recently trading at $1.5370, down 0.9% from $1.5370.

The euro-dollar pair has emerged as a reliable barometer of investors’ appetite for risk over the past few months, as investors struggle to assess the risks posed by a slowdown in the developing world, and the likely timing of the first Fed interest-rate increase since 2006.

Via MarketWatch.com

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

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