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