Her comments boosted the greenback, which had already been flirting with a two-month high against the euro after fresh data showed the U.S. economy grew in the first quarter at a faster pace than initially estimated.
Though the strong gross-domestic-product data had fueled speculation that the Fed might raise rates soon, Yellen’s comments still surprised some market-watchers who thought she would likely wait until a June 6 speech to crank up the rate-specific rhetoric.
The ICE U.S. Dollar index DXY, +0.59% a measure of the dollar’s strength against a basket of six rivals, was up 0.6% at 95.75, its highest level since March 28.
The euro EURUSD, -0.7146% fell to $1.1115 late Friday, from $1.1195 late Thursday in New York, its lowest level since March 28. Meanwhile the pound GBPUSD, -0.3272% fell to $1.4613 from $1.4662 late Thursday.
Late Friday, the dollar USDJPY, +0.46% was changing hands at ¥110.33, compared with ¥109.75 late Thursday in New York.
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