Forex - Dollar falls to 2-week lows against euro

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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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.




This article appears in: Investing , Forex and Currencies

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