Stock Market News
FX round-up: Yellen's dovish comments weigh on dollar
01-04-2014 06:30
Add To Google +1 | Tweet |
The dollar traded slightly lower against major rivals on Monday after Federal Reserve Chair Janet Yellen defended the central bank's ultra-loose policy.
Yellen said the Fed's "extraordinary support" for the US economy "is still needed and will be for some time." She added that there was "considerable" progress to be made in the job market and that further monetary stimulus could be effective.
The dollar index, which measures the US currency against six major rivals, fell to 80.112 from 80.171 on Friday. The index firmed 0.4% for the month and 0.1% over the quarter.
Markets also mulled surprisingly weak US manufacturing data. The Chicago purchasing managers' index for manufacturing dropped from 59.8 to 55.9 in March, much weaker than the consensus forecast of a decline to 59.5.
The euro was little changed at $1.3774 after trading at an intra-day low of $1.3721. The initial sell-off came after data showed Eurozone inflation slowed again last month, prompting speculation that the European Central Bank (ECB) will take action against deflationary risks.
For March the euro slipped 0.2% against the dollar but added 0.2% over the last quarter.
Against the yen, the greenback advanced to ¥103.22 from ¥102.81 the previous session. For March the dollar rose 1.4% but declined 2% during the quarter.
The British pound advanced to $1.666 from $1.663 on Friday and logged a quarterly gain of 0.6% but fell 0.5% during March.
CJ
Yellen said the Fed's "extraordinary support" for the US economy "is still needed and will be for some time." She added that there was "considerable" progress to be made in the job market and that further monetary stimulus could be effective.
The dollar index, which measures the US currency against six major rivals, fell to 80.112 from 80.171 on Friday. The index firmed 0.4% for the month and 0.1% over the quarter.
Markets also mulled surprisingly weak US manufacturing data. The Chicago purchasing managers' index for manufacturing dropped from 59.8 to 55.9 in March, much weaker than the consensus forecast of a decline to 59.5.
The euro was little changed at $1.3774 after trading at an intra-day low of $1.3721. The initial sell-off came after data showed Eurozone inflation slowed again last month, prompting speculation that the European Central Bank (ECB) will take action against deflationary risks.
For March the euro slipped 0.2% against the dollar but added 0.2% over the last quarter.
Against the yen, the greenback advanced to ¥103.22 from ¥102.81 the previous session. For March the dollar rose 1.4% but declined 2% during the quarter.
The British pound advanced to $1.666 from $1.663 on Friday and logged a quarterly gain of 0.6% but fell 0.5% during March.
CJ
Related share prices |
---|
Stock News is provided by Digital Look Corporate Solutions from Sharecast news. Please read the terms and conditions of useage of this data. Republication or redistribution of content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Digital Look Ltd.
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- RBS share price
- Diageo share price
- Standard Life Share Price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- Morrisons Share Price
- Aviva Share Price
- LGO Share price
- Tullow Oil Share Price
- SXX Share Price
- Easyjet Share Price
- Next Share Price
- Thomas Cook Share Price
- SSE Share Price
- IAG Share Price
- Bat share price
- Monitise Share Price
- Kingfisher share price
- Dragon Oil share price
- UKOG share price
- SOLG share price