USD Higher After Yellen’s Wage Remarks

December 19, 2016 Share Print 0

The dollar clawed back into positive territory against a basket of currencies on Monday after Federal Reserve Chair Janet Yellen said the U.S. labor market has improved to its strongest in nearly a decade, suggesting wage growth is picking up. The dollar index , which measures the greenback’s value versus the euro, yen and four other currencies, was up 0.05 percent at 103.00.

“It seems like she is acknowledging the continued improvement in the jobs market. That’s pretty consistent with what she and other policymakers have been saying,” said Eric Viloria, currency strategist at Wells Fargo Securities in New York.

The dollar pared losses against the yen after hitting session lows against the Japanese currency on news that the Russian ambassador to Turkey was killed in an attack in the Turkish capital of Ankara. The greenback was last down 0.7 percent at 117.17 yen .

via Kitco

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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.