Dollar rises as Yellen says Fed will likely raise rates this year

The dollar strengthened Wednesday after Federal Reserve Chairwoman Janet Yellen said economic conditions will likely warrant a Fed interest-rate hike this year during an appearance before the House Financial Services Committee.

The ICE U.S. Dollar index DXY, +0.08% a measure of the buck’s strength against a basket of six rival currencies, rose 0.5% to 97.1460 after the remarks were released.

Yellen made a similar statement on Friday in a speech at the City Club of Cleveland. And on Thursday, she will deliver similar testimony to the Senate Banking Committee.

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