Dollar steady ahead of Janet Yellen congressional appearance

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Investing.com - The dollar held steady against most major currencies on Monday as investors stood on the sidelines before Federal Reserve Chair Janet Yellen testifies before Congress on Tuesday and Wednesday.

In U.S. trading on Monday, EUR/USD was up 0.05% at 1.3614.

In the minutes of the Federal Reserve's June policy meeting released last week, the U.S. central bank predicted an October close to its bond-buying stimulus program but did not hint at a timetable as to when interest rates may begin to rise afterwards.


Falling U.S. Treasury yields have many investors guessing the Fed might take its time when it comes to hiking benchmark interest rates to ensure recovery remains on track, though uncertainty kept the dollar steady on Monday, a day waited for Yellen's testimony before the Senate Banking Committee on Tuesday and the House Financial Services Committee on Wednesday before moving on the currency.

Elsewhere, euro zone industrial output numbers that met market expectations boosted the single currency over the greenback.

The dollar was up against the yen, with USD/JPY up 0.23% at 101.59, and flat against the Swiss franc, with USD/CHF unchanged at 0.8922.

The greenback was up against the pound, with GBP/USD down 0.19% at 1.7074.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.18% at 1.0713, AUD/USD down 0.03% at 0.9390 and NZD/USD down 0.19% at 0.8799.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.02% at 80.25.

On Tuesday, expect the greenback to move on Yellen's testimony as well on a flurry of U.S. economic indicators.

The U.S. is to release data on retail sales, the government measure of consumer spending, which accounts for the majority of overall economic activity. The U.S. is also to release data on import prices, business inventories and manufacturing activity in New York state.

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This article appears in: Investing , Forex and Currencies

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