The U.S. dollar held to the upper
The euro was quoted at
The dollar inherited a rally overnight in
While reiterating that current economic conditions in
But she also said "if the labor market continues to improve more quickly than anticipated by the committee...increases in the federal funds rate target likely would occur sooner and be more rapid than currently envisioned."
The U.S. job situation has improved in recent months, with nonfarm payrolls adding an expectation-topping 288,000 jobs in June and the unemployment rate falling to 6.1 percent, its lowest since 2008.
"Yellen has until now been very dovish, so the hint of hawkishness led traders to react" by buying the dollar overnight, said
Yellen is due to give testimony to the
The euro was flat against the dollar and softened slightly against the yen after a fall against both currencies overnight on the dollar's rise and a weak reading of economic sentiment in
The ZEW institute's indicator declined in July for the seventh straight month, reflecting falling retail sales and industrial production, the institute said.
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