2014.06.2014:44:00UTC+00Usd Slump to Four-Weeks Lows This Week Against a Basket of Currencies Following Less-Than Hawkish fED Announcement
The US dollar has weakened by almost 1% this week against the euro and slumped to four-week lows against a basket of currencies following Wednesday's less-than-hawkish Federal Reserve announcement.
Chair Janet Yellen announced the Fed's latest economic forecasts, which were not as positive as some in the market had positioned for, and said interest rates are set to remain low for some time yet.
Yesterday's encouraging US economic data has done very little to support the US currency as investors continue to favor using the US dollar to fund more risky carry trades.
However, that view could flip quickly should the situation in Iraq explode and drive up safe haven demand.
Next week's euro zone economic data could also have a positive impact on the US dollar if the euro suffers a fresh sell-off.
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