By Ben Eisen, MarketWatch
NEW YORK (MarketWatch) -- The U.S. dollar extended its break higher on Friday after the top Federal Reserve official suggested the economy is moving toward the central bank's objectives.
The U.S. currency pushed above 104 Japanese yen for the first time since January.
In a speech at Jackson Hole on Friday, Fed Chairwoman Janet Yellen gave a nod to progress on the central bank's dual mandates of full employment and stable inflation. She suggested the focus is now shifting toward the remaining elements of so-called labor market slack, which are tracked by a variety of indicators such as wage growth.
The dollar climbed against its rivals on Friday after the remarks. The dollar (USDJPY) bought 104.11 Japanese yen, up from Yen103.81 late Thursday in New York.
The dollar has been on the rise against key rivals since he beginning of July, but has accelerated its push higher as investors took stock of the quickening pace of growth in the U.S. relative to other developed economies, namely Japan and the euro zone. Read: You need to start watching the U.S. dollar.
The euro (EURUSD) fell to $1.3231 on Friday from $1.3281 on Thursday. The British pound (GBPUSD) changed hands at $1.6567, down from $1.6585.
The U.S. dollar index (DXY) , which pits the currency against a basket of rivals, rose to 82.407, from 82.146.
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(END) Dow Jones Newswires
August 22, 2014 11:04 ET (15:04 GMT)
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