USD/JPY Steady Around 119 Before Yellen Testimony

The dollar was steady against the yen on Tuesday, with the market wary of taking too many bets on the currency ahead of congressional testimony by Federal Reserve Chair Janet Yellen.

Yellen’s appearance before the U.S. Senate Banking Committee is drawing extra attention after dovish-sounding minutes from the Fed’s January meeting released last week dented expectations for an early interest hike, and hurt the dollar.

Markets will be listening acutely for whether Yellen takes a dovish tone in her testimony.


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