US dollar slides after Federal Reserve speech
Tuesday, March 29, 2016 at 08:18PM
Gold Prices

Janet Yellen


The US dollar has dropped sharply and stocks on Wall Street have ended at 2016 highs after Federal Reserve chair Janet Yellen said the Fed should proceed "cautiously" in deciding when to raise interest rates.

"Given the risks to the outlook, I consider it appropriate for the committee to proceed cautiously in adjusting policy," Yellen said in remarks to the Economic Club of New York on Tuesday.

Yellen's comments, her first since the Fed held rates steady two weeks ago, appeared to contradict recent hawkish comments from several of her colleagues.

The US dollar fell sharply against a basket of currencies in reaction to Yellen and US dollar-priced commodities pared losses.

The Thomson Reuters Core Commodity index was down 0.6 percent after earlier falling as much as 1.4 percent.

"Yellen took the dovish side in the great Fed debate and markets are reacting uniformly to her comments," said John Augustine, chief investment officer at Huntington National Bank.

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US Dollar drops on Janet Yellen comments, the discord continues....

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