The dollar increased to its strongest level against the euro this year, trading at $1.432. The euro has declined over 7% versus the dollar in the last three months. The rally was in part fueled by the European Central Bank’s decision to hold interest rates steady at 4.25% at yesterday’s (Thursday’s) monetary policy meeting, Reuters reported.
Shares of consumer goods maker Unilever PLC (ADR: UL) increased 5% yesterday (Thursday), bucking the overall trend of the market, on news that industry veteran Paul Polman had been selected as the new chief executive officer. Unilever ADR shares gained $1.31 to close at $27.85.
Federal Reserve Bank of San Francisco President Janet Yellen said an interest-rate reduction was not out of the question as the risks to economic growth remain “substantial” and will likely moderate inflation, Bloomberg News reported. The current rate “does not imply a highly accommodative policy stance,” because credit conditions are “probably more restrictive” now than when the Fed started its aggressive easing campaign, Yellen said while speaking in Salt Lake City.