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The euro moved away from its lowest level in more than three and a half months against the dollar on Thursday, July 15th after cautious comments from the US Federal Reserve chief, which limited the recent rise in Treasury yields.
US Federal Reserve Chairman Jerome Powell said in testimony before the US Congress that the US economy is “still far” from the levels that the central bank wanted to see before reducing its monetary support.
Against the dollar, the euro settled at $1.1831, rebounding from the lowest level since early April at $1.1772 hit before Powell’s testimony in the previous session.
The yen, which is considered a safe haven, increased to a large extent, and was in the last trading, up 0.1% to 109.86 per dollar, and close to touching multi-month highs at 129.91 per euro.
The Australian dollar fell to $0.7453, while the New Zealand dollar fell below 70 cents to $0.6998.
Against a large basket of currencies, the dollar settled at 92.41, despite the continued decline in the benchmark US Treasury bond yields for ten years for the second consecutive session.
The Canadian dollar also fell today, with lower oil prices contributing to that, although the Bank of Canada eased its policy support on Wednesday.
