Dollar touches 7-month high vs. euro after Yellen’s hawkish remarks

The dollar rose to its highest level against the euro and the pound in more than seven months Wednesday after Federal Reserve Chairwoman Janet Yellen appeared to put the central bank on track to raise interest rates in two weeks.

Yellen stopped short of explicitly supporting a December move on interest rates, instead saying the Fed’s rate-setting committee will review all relevant economic data before deciding whether to raise the Fed funds rate target at its next two-day meeting, which ends Dec. 16. But her optimistic views on inflation and growth suggest that she would support a hike.

Currency traders are looking ahead to Thursday’s European Central Bank meeting, at which ECB President Mario Draghi is widely expected to unveil an expansion of the central bank’s monetary stimulus measures .... http://www.marketwatch.com