US dollar catches a bid on upbeat comments from Dudley

Author: Adam Button | Category: News

Dudley expresses no worries on low inflation

There is nothing to worry about.

That was the message from New York Fed President Bill Dudley in comments today in Plattsburgh, NY.

He dismissed low inflation and wages while saying that he's confident that economic growth will continue for years.

The market was slow to digest the comments but US dollar has now hit a session high. USD/JPY is up 43 pips to 111.32 and is nearing Friday's high of 111.43. Beyond that would target the June 1 high of 111.71.

The dollar is also climbing elsewhere as Treasury yields tick 1-2 bps higher on the comments.

EUR/USD is down nearly 20 pips to 1.1180.