Investing.com - The dollar fell to two-week lows against the
euro on Tuesday ahead of new Federal Reserve Chairwoman Janet
Yellen's first testimony on monetary policy to Congress later in
the trading day.
EUR/USD hit 1.3683, the highest since January 29 and was last up
0.21% to 1.3672.
The pair was likely to find support at 1.3614, Monday's low and
resistance at 1.3715, the high of January 27.
Ms. Yellen was to testify on monetary policy and the outlook for
the economy before the House Financial Services Committee later
Tuesday and the Senate Banking Committee on Thursday.
The Fed chair was expected to reiterate that the bank will
continue to scale back its asset purchase program as long as the
economic recovery continues as expected, and to repeat that the
bank will keep interest rates at low levels until the recovery has
firmly taken hold.
The testimony is coming amid fresh concerns over the outlook for
the U.S. recovery, following the weakest two-month stretch of job
creation in three years in December and January.
The euro was also trading at two-week highs against the yen,
with EUR/JPY rising 0.27% to 139.91.
Elsewhere, the dollar was fractionally higher against the yen,
with USD/JPY inching up 0.09% to 102.35.
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