Dollar Grows Stronger Against a Basket of Currencies; Increase in Key Interest Rate Expected this Year
On Friday, in the biggest leap reported in inflation in the last two and a half years, the greenback recovered against other key currencies which also include the Australian dollar. The Australian dollar dropped approximately one percent to US78.23¢.
The American dollar leaped 2.5 percent for the week against a number of exchange rates.
US Federal Reserve chair, Janet Yellen said that the Fed will not wait for too long to raise the interest rates. She mentioned that a delay in action would conceivably "overheat the economy" which may cause damage on the path of recovery.
According to Yellen the Fed is still considering to raise the interest rates this year. Although the time is not specified yet but September seems to be the point where the increase may be expected. As per a number of economists, Yellen is a very careful person. Hearing her say that there is a chance of the Fed raising the interest rate in the current year is surely a sign which points at an improving economy.
However, Yellen expressed a few concerns over the recent slowdown in the economy with weaker job gains than expected in 2015. Even when wages are considered, they are not increasing at a rate as expected. In general the economic growth has lingered at a fairly flat level in the year.
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