The dollar index rose to a five-week high in the wake of Fed boss Yellen's remarks late yesterday, where she clearly left the door open for a rate lift-off before year end. Stock markets were mixed in Asia, but rallied strongly in Europe as VW shares rose for a third consecutive day, while Yellen's hawkish-leaving rhetoric was taken by investors as a sign that the Fed is not overly concerned by emerging markets, despite its refrain from hiking rates last week. EUR-USD shed about 0.9% in making a two-day low at 1.1116, before settling around 1.1150.
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