Dollar Ekes Out Gains Ahead of Yellen

US dollar is still near record lows against some of its major counterparts, but it is eking out some gains ahead of Fed Chair Janet Yellen’s testimony in Congress today.

The greenback has been struggling recently, thanks to concerns about how the Federal Reserve is likely to move forward on tapering its asset purchase program, as well as when interest rates are likely to rise. Today, though, the US dollar is eking out small gains against its counterparts as Forex traders take profits and look toward Fed Chair Janet Yellen‘s comments in front of Congress.
Yellen is slated to speak to Congress today about the economy, and what’s next for the asset purchase program, as well as interest rate policy. There are some small hopes that Yellen will move up the timetable, since unemployment data has been encouraging and the economic data has shown improvement. However, even with these improvements, many think that the testimony will contain no surprises, and a great deal of caution.
At 12:32 GMT the US dollar index is up to 79.1380 from the previous close at 79.0930. EUR/USD is lower, down to 1.3925 from the open at 1.3928. GBP/USD is down to 1.6971 from the open at 1.6975. USD/JPY is higher, up to 101.7570 from the open at 101.6840.

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