Lananh Nguyen
After the Federal Reserve tempered market expectations for a mid-year interest-rate increase last week, sending the dollar to its biggest weekly decline since 2011, traders refocused on the bigger picture: the U.S. central bank is still moving toward monetary tightening as global peers loosen policy.
Fed Chair Janet Yellen said Friday she expects rates to rise this year, supporting the greenback, which gained the past two days and headed for its ninth straight monthly advance.
“The big policy story about divergence between the U.S. and other economies is still coming through,” Peter Dragicevich, a strategist at Commonwealth Bank of Australia in London, said by phone Friday. “It’s really just a consolidation phase in the dollar and we should see it continue to strengthen.”
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