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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI BRIEF: Yellen Says Market-Determined FX Is Best For Dollar
Treasury Secretary Janet Yellen said Friday the appreciation of the dollar this year is a reflection of economic fundamentals and market-determined exchange rates are best for the dollar.
"My position would be that market-determined exchange rates are the best regime for the dollar," said Yellen, a former chair of the Federal Reserve. "I think that exchange rate movements by and large have been a response to economic shocks and other fundamentals. Nevertheless, there are spillovers from tightening monetary policy." Earlier this week the G7 issued a statement recognizing that many currencies have moved significantly this year with increased volatility, and reaffirmed its exchange rate commitments as elaborated in May 2017. (See: MNI SOURCES: G7 To Repeat Commitment To Market-Determined FX)
The IMF earlier in the day, however, said in a blog the strengthening of the dollar in a matter of months has sizable macroeconomic implications for almost all countries, given the U.S. currency's dominance in international trade and finance. The international body said temporary foreign exchange intervention may be appropriate in some instances to help prevent adverse financial amplification if a large depreciation increases financial stability risks.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.