Dollar Rises against Yen before Yellen’s Meeting with U.S. Lawmakers Tomorrow

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Dollar Rises against Yen before Yellen’s Meeting with U.S. Lawmakers Tomorrow
Dollar Rises against Yen before Yellen’s Meeting with U.S. Lawmakers Tomorrow

Dollar Rises against Yen before Yellen’s Meeting with U.S. Lawmakers Tomorrow

 

The dollar saw a week-rise against the yen (0.16% at 102.49) amid the investors’ speculation of Federal Reserve cutting back its stimulus before Federal Chief Janet Yellen testifies the central bank’s semiannual monetary policy report tomorrow.

In last five days, dollar was weakening against all major currencies despite of the reports suggesting a minimal growth in employment sector. Meanwhile on the eastern side of the world, Japan’s finance ministry release a statement mentioning the country’s current-account shortfall amplified in December, breaking all the previous records. The euro was facing a similar course as yen with speculations of slow industrial production France.

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With economies getting weaker last week, the investors are highly betting on the Yellen’s testimony on Fed’s tapering course, which is likely to uplift the dollar’s price against other major currencies that are already under repercussion due to their own weakening economies.

At 1:05 pm in Japan, the dollar was trading at 102.40 yen after touching 102.64, the solidest since Jan. 31. After falling to an embarrassing 1.1 percent last week, the dollar added 0.1 percent to $1.3625 per euro. Meanwhile, euro has a slight effect against yen, as it moved only to 139.52 yen after rising to 139.81, the highest since Jan. 30.

On the other hand, the latest reports on Japan’s Ministry of Finance’s December current account data are supposedly showing surge in imports, with their surplus down to 31.5%. (ForexMinute will keep you updated with this event as it progresses).

To contact the reporter of this story: Jonathan Millet at john@forexminute.com