15 Jul 2015
EUR/USD falls as Yellen says Fed liftoff appropriate at some point this year
FXStreet (Córdoba) - EUR/USD was dragged lower and hit fresh daily lows as the dollar strengthened across the board following the release of the text from Fed Yellen’s semi-annual testimony before the Congress.
In her testimony, Yellen noted that even though the timing for the liftoff will be decided on meeting-by-meeting basis, “if the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate target, thereby beginning to normalize the stance of monetary policy”.
The greenback rose versus most rivals with EUR/USD hitting a low of 1.0973 as initial reaction. At time of writing, EUR/USD is trading at 1.0980, still 0.25% below its opening price.
However, investors refrained from taking big positions ahead of the Greek Parliamentary vote on bailout programme.
In her testimony, Yellen noted that even though the timing for the liftoff will be decided on meeting-by-meeting basis, “if the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate target, thereby beginning to normalize the stance of monetary policy”.
The greenback rose versus most rivals with EUR/USD hitting a low of 1.0973 as initial reaction. At time of writing, EUR/USD is trading at 1.0980, still 0.25% below its opening price.
However, investors refrained from taking big positions ahead of the Greek Parliamentary vote on bailout programme.