Dollar Hits 6 Month High Against Yen After Powell Comments – 17 July, 2018

The dollar climbed to a six month high against the yen when Jerome Powell, the Chairman of the Federal Reserve, discounted the risk of a trade war and said he saw the U.S. economy on course for steady growth and that the Fed is on track for an interest rate hike. The dollar rose by 0.05 to its highest since January to 113.08 before settling at 112.955 yen. The dollar index against a basket of six major currencies was up 0.1 percent to 95.038, while the euro dropped 0.4 percent overnight and an additional 0.05 percent to $1.2653.