Greenback grows from one-month minimum vs. yen

On Wednesday, the greenback ascended against the Japanese yen and a basket of key currencies, with focus shifting to Fed Chair Janet Yellen's testimony later in the day.

Yellen is going to provide her semi-annual testimony before a Congressional committee. Since it’s set to be focused on financial regulation, market participants told she’s likely to asked questions regarding the Fed's outlook on interest rates and the US economy.

Cleveland Fed President Mester as well as Kansas City Fed President George are also expected to speak on the economy and also monetary policy at separate events. Traders consider them both to be hawks especially after they dissented at the last gathering and voted to lift rates.

The dollar index ascended 0.2%, trading at 95.648. It regained ground against the common currency. The index soared 0.2% at 100.60 having set a one-month minimum of 100.085 yen on Tuesday.

The euro dipped 0.2%, being worth $1.1190, having been under pressure in the previous session on concerns over the health of the EU financial system. 

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