Dollar trades slightly higher ahead of Yellen’s Congressional Testimony . . . . . . . . . . . . . . . The dollar traded slightly higher versus a basket of major currencies on Tuesday ahead of Fed Chairwoman Janet Yellen Testimony to Congress. Investors will focus on Yellen’s comments after Fed minutes for June policy meeting released last week offered no new clues about the timing of raising interest rate. Markets are still waiting for information about prospects for Fed borrowing cost after the recent progress in U.S. economic data, where some analysts’ predict the first interest rate hike to take place by mid-2015. Data released on Tuesday signaled a lower than forecast retail sales in June and better than estimated empire manufacturing in July. The dollar index, which tracks the green currency movement against a basket of six major currencies, rose to hover around 80.25 after touching a high of 80.31. The USDJPY rose for a second day inflation to stay above 1 percent despite the cut in Japan’s GDP forecast. The pair is currently trading around 101.62 after hitting a bottom of 101.50 and a high of 101.64. The EURUSD traded lower after a report released today showing German investor confidence plunged for a seventh straight month in July. The index of investor and analyst expectations edged down to 27.1 in July from 29.8 in June, compared to median estimate of 28.2. The pair is trading around 1.3604 after touching a low of 1.3585. The GBPUSD rebounded sharply, erasing losses incurred over the previous sessions, after a report showing U.K. inflation rose near the BOE target in June. CPI for the year ended June rose to 1.9% from 1.5% in May, above analysts’ forecast of 1.7 percent. Meanwhile, the pair is trading around 1.7165 after touching a high of 1.7172 and a low of 1.7157. #egyptyard
Posted on: Tue, 15 Jul 2014 13:56:05 +0000
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