The dollar index, which tracks the greenback against six major rivals, tumbled 1.06 percent to 96.394 as speeches by Fed Chair Janet Yellen and Minneapolis Fed president Neel Kashkari fueled fresh worries on inflation, and the comment by the head of the European Central Bank raised expectations on Europe’s economy and inflation. The euro surged 1.41 percent against the greenback at $1.1337. Against the yen, the dollar was up 0.46 percent at 112.34. The euro is expected to meet resistance and support against the dollar at $1.1368 and $1.1137 respectively, while the dollar is expected to meet resistance and support against the yen at 113.14 and 110.76 respectively.

Disclaimer: This research report is prepared by the Industrial and Commercial Bank of China Limited ("ICBC") based on public information. Facts and views expressed in the report do not reflect the official opinion of ICBC. ICBC makes every effort to use reliable information, but makes no representation that the information is accurate or complete. ICBC bears no responsibility or liability for any direct or indirect loss arising out of (or claimed to be arising out of) using or reliance upon such information. ICBC owns the copyright of this report. This report may not be reproduced, copied, published, distributed or quoted in any way without the express written consent of ICBC. ICBC reserves the right to investigate and prosecute violations of copyright infringement to the fullest extent of the law.