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Currency exchange rates general

Currency exchange rates general

The U.S. dollar fell against most major currencies on Wednesday as investors were digesting the Federal Reserve Chair Janet Yellen's testimony.

FXTM research analyst Lukman Otunuga said: "Equity bulls received a shot in the arm while the dollar was under pressure after Janet Yellen caught markets unaware by striking a dovish tone in her congressional testimony on Wednesday". Hong Kong jumped one percent to its highest level since mid-2015 and Sydney climbed 1.1 percent. If inflation continues to undershoot the Fed's 2% target-so-called "core" inflation has drifted downward every month this year, from 2.3% in January to 1.7% in May-then more traders may revise their expectations for Fed actions in the future.

The US economy is healthy enough for the Fed to raise rates and start winding down its massive bond portfolio, but low inflation may leave the central bank with diminished leeway, Yellen said at her semiannual appearance before Congress on Wednesday.

The Dow is up 117.80 points, or 0.6 percent. She said the central bank will be monitoring inflation metrics when deciding on its interest rate policy.

In what she acknowledged could be her last appearance before Congress Ms Yellen predicted that the U.S. economy would continue to grow over the next few years, allowing the central bank to continue raising interest rates.

European markets closed higher: London's FTSE rose 1.2 per cent, Paris gained 1.6 per cent and Frankfurt increased 1.5 per cent. Economists are expecting a quarterly rise of 0.2 percent for annual inflation to be running at 1.9 percent.

But when the ASX opens for business, the local bourse is on track to rebound from yesterday's weak performance, when it fell nearly 1 percent.

It could be her last time as Fed chair if President Donald Trump decides not to reappoint her for a second four-year term when her term expires February 3, 2018.

The trade-weighted index rose to 78.18 from 77.91 late yesterday. - AFP picTOKYO, July 14 ― The dollar was little changed against a group of peers early today, as currency investors remained cautious ahead of United States inflation data due later in the session, which is expected to set the greenback's near-term direction. Indeed, Yellen says in her testimony, "because we also anticipate that the factors that are now holding down the neutral rate will diminish somewhat over time, additional gradual rate hikes are likely to be appropriate over the next few years".

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