Forex Market Update : Epic Research Singapore

The dollar strengthened against its main rivals Thursday after Federal Reserve Chairwoman Janet Yellen said most members of the central bank's rate-setting committee still support an interest-rate increase this year. The euro EURUSD, -0.5431% fell to $1.1193 from $1.1230 before Yellen started speaking. The dollar USDJPY, +0.09% rose to 120.22 yen from 120.00 yen beforehand.

Speaking at the University of Massachusetts Amherst, Yellen said she expects inflation will return to a 2% annual growth rate, the Fed's target level, over the next few years as temporary factors like the strong dollar and low commodity prices wane.

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