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The euro fell and the yen fell to its lowest level for six months on Wednesday, as the dollar continued to rise after an optimistic comment by Federal Reserve Chairman Jerome Powell on the strength of the US economy. In his testimony to Congress, which followed closely yesterday, Mr. Powell said he expected the United States to remain on a stable growth path for several years.
Powell also downplayed the threats to the US economy. Many investors have considered lowering interest rates
The dollar climbed to a two-week high against a basket of major currencies.
The dollar index rose to 95,267, up 0.3 percent during the session and below a 12-month high of 95,531, in June [19659003]. The euro fell 0.3 percent to $ 1.1619, but remains above its lowest level in 2018 at around $ 1.15.
The dollar rose against the Japanese currency to 113.14 yen, its highest level since January 9, 1965. The impact of the dollar's recovery negatively affected the high yielding currencies. The Australian dollar fell 0.5% to $ 0.7347 to continue its losses yesterday.
The Canadian dollar fell 0.3% to 1.3234 Canadian dollar against the US dollar.
The Chinese yuan was exposed to a further wave of 0.3% declines to 6.7435 yuan in foreign exchange.
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