NEW YORK (Reuters) – The dollar rose broadly on Wednesday after Federal Reserve Chairman Ben Bernanke confirmed market expectations that the U.S. central bank will start reducing its monetary stimulus this year as long as the economy grows as expected.
The rise was a rebound from the three-week low the dollar hit against major currencies immediately after the release of Bernanke’s prepared statement. Disappointing U.S. housing data also put some early selling pressure on the greenback, traders said.
NEW YORK (Reuters) – The dollar fell against the euro and the yen on Tuesday on expectations that Federal Reserve Chairman Ben Bernanke will reiterate in congressional testimony this week that U.S. monetary policy will remain accommodative.
But losses against the euro are likely to be limited after data showing an unexpected fall in German investor sentiment in July and subdued euro zone inflation added to expectations the European Central Bank also will keep rates low to aid economic recovery.
NEW YORK (Reuters) – The dollar rose against the yen on Monday as traders said a selloff last week was overdone because the Federal Reserve is still likely to be the first among major central banks to move away from ultra-loose monetary policy.
The greenback’s gains were trimmed after data showing U.S. retail sales rose less than expected in June, thereby denting expectations of a reduction in stimulus by the Fed this year. But the impact was offset by a separate report showing that growth in New York state’s manufacturing sector accelerated in July.