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The dollar dropped initially after Federal Reserve Chair Janet Yellen made some hawkish comments during her speech late this morning, but quickly reversed and has turned sharply higher. Yellen stated that the case for another interest-rate hike has strengthened recently. Her comments propelled the U.S. currency higher, overshadowing some lackluster economic data earlier this morning.
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The Canadian dollar advanced against its major rivals in early New York deals on Wednesday, after the Bank of Canada kept benchmark interest rate unchanged, as inflation remains roughly in line with the Bank’s expectations. The BoC maintained its target for the overnight rate at 0.5 percent. The decision was in line with forecasts. The