Wednesday, March 30, 2016

Forex Market Update : Epic Research Singapore

The dollar slumped against its main rivals Tuesday after Federal Reserve Chairwoman Janet Yellen explained why the central bank needs to be cautious about raising interest rates.

The ICE U.S. Dollar index DXY, -0.03% a measure of the buck’s strength against a basket of six currencies, fell 0.8% to 95.1570 — its weakest level since the March Fed announcement — after Yellen’s remarks. Beforehand, it had been flat for most of the session.

The dollar USDJPY, -0.16% fell to ¥112.77 after the remarks, compared with ¥113.46 late Monday in New York.

The euro EURUSD, +0.0177% meanwhile, pushed higher, rising to $1.1294 late Tuesday in New York. The shared currency bought $1.1198 late Monday. It hit an intraday low at $1.1165 before Yellen’s speech.

The pound GBPUSD, -0.0487%  traded at $1.4389, compared with $1.4259 late Monday in New York.

One dollar was fetching 3.632 Brazilian real USDBRL, -0.1044% late Tuesday in New York compared to 2.677 late Monday. That puts the real down 0.2%.

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