The dollar strengthened Wednesday after Federal Reserve Chairwoman Janet Yellen said economic conditions will likely warrant a Fed interest-rate hike this year during an appearance before the House Financial Services Committee.The ICE U.S. Dollar index DXY, +0.11% a measure of the buck’s strength against a basket of six rival currencies, rose 0.5% to 97.1460 after the remarks were released.
The shared currency EURUSD, -0.1005% recently traded at $1.0945, down from $1.1003 late Tuesday in New York.
The Canadian dollar CADUSD, -0.1237% fell to its lowest level against the U.S. dollar sinc
e February 2009 after the Bank of Canada cut its benchmark interest rate for the second time this year.
In the U.K., an increase in the number of people claiming unemployment benefits—coupled with dovish remarks from Yellen—erased some gains for the pound. The British currency GBPUSD, -0.0959% traded at $1.5628, about flat with its levels late Tuesday in New York.
Meanwhile, the dollar USDJPY, -0.01% strengthened against the yen. It traded at 123.71 yen, up from ¥123.35 late Tuesday. Earlier in the global day, Bank of Japan policy makers voted to leave its monetary stimulus unchanged.
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