The dollar bode almost a two-week low versus a basket of key currencies on Tuesday after the US session trade subdued, as markets lowered down before the congressional testimony by new Federal Reserve Chairman Janet Yellen today.
The dollar index last listed at 80.640, having dropped to 80.590, a low not noticed since January 30.
Versus yen, the dollar slacked to 102.21 from a one-week high of 102.65.
Surpassing both the dollar and yen, the euro sailed close to two-week highs of $1.3652 and ¥139.80, respectively.
The moves were hushed by any measure; even Wall Street finished even as all eyes are on Chair Yellen, who is about to face her first test as head of the most powerful central bank worldwide.
She will have to answer the queries from US lawmakers, some of them are inimical to the Fed, who will like to determine how committed she is to slip back extraordinary stimulus policies.
Her report comes following a two-month dull employment growth and as a deadline brews on escalating the US government borrowing limit ahead of a potential debt default.
In general, analysts presume Yellen will reiterate the US central bank will keep on tapering its bond- buying program, as long as the economy progresses as anticipated. Also, she will reaffirm the commitment to keep rates low for a long time period.
“We expect her messaging to be consistent with prior communications. We see no reasons why Chairman Yellen will front-run the FOMC in March, especially while waiting for the outcome of one more jobs report for additional clarity on the underlying trend in labor markets,” JPMorgan analysts said.
Dollar wing currencies, from their best weekly performance in around five months, took a break.
The Australian dollar listed at $0.8950, holding its four-week high of $0.8999 on Friday. The Canadian dollar was listed at C$1.1054 per US dollar, while the New Zealand dollar was at $0.8261.
Traders postulate the key currencies to stay in a holding form in Asia with Japan close for a public holiday and small in the manner of market-moving information from the region.
The material has been provided by InstaForex Company – www.instaforex.com
The dollar bode almost a two-week low versus a basket of key currencies on Tuesday after the US session trade subdued, as markets lowered down before the congressional testimony by new Federal Reserve Chairman Janet Yellen today.
The dollar index last listed at 80.640, having dropped to 80.590, a low not noticed since January 30.
Versus yen, the dollar slacked to 102.21 from a one-week high of 102.65.
Surpassing both the dollar and yen, the euro sailed close to two-week highs of $1.3652 and ¥139.80, respectively.
The moves were hushed by any measure; even Wall Street finished even as all eyes are on Chair Yellen, who is about to face her first test as head of the most powerful central bank worldwide.
She will have to answer the queries from US lawmakers, some of them are inimical to the Fed, who will like to determine how committed she is to slip back extraordinary stimulus policies.
Her report comes following a two-month dull employment growth and as a deadline brews on escalating the US government borrowing limit ahead of a potential debt default.
In general, analysts presume Yellen will reiterate the US central bank will keep on tapering its bond- buying program, as long as the economy progresses as anticipated. Also, she will reaffirm the commitment to keep rates low for a long time period.
“We expect her messaging to be consistent with prior communications. We see no reasons why Chairman Yellen will front-run the FOMC in March, especially while waiting for the outcome of one more jobs report for additional clarity on the underlying trend in labor markets,” JPMorgan analysts said.
Dollar wing currencies, from their best weekly performance in around five months, took a break.
The Australian dollar listed at $0.8950, holding its four-week high of $0.8999 on Friday. The Canadian dollar was listed at C$1.1054 per US dollar, while the New Zealand dollar was at $0.8261.
Traders postulate the key currencies to stay in a holding form in Asia with Japan close for a public holiday and small in the manner of market-moving information from the region.
The material has been provided by InstaForex Company – www.instaforex.com
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