Global forex market
THE US dollar strengthened after Federal Reserve chairwoman Janet Yellen argued a case for raising short-term interest rates later this year. Yellen emphasised that Fed will likely entail an initial increase in the federal funds rate later this year, followed by a gradual pace of tightening thereafter. Another voting member, Dennis Lockhart’s remarked that 2015 could still see Fed tightening supported by improving data flows. Diverging monetary policies and worries over global growth prospects also helped to support the strengthening of US dollar.
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