Dollar edges up from one-month low vs. yen, focus on Fed speakers
The dollar rose against the yen and a basket of currencies on Wednesday, with focus shifting to the Federal Reserve chair Janet Yellen's testimony later in the day.
Yellen will give her semi-annual testimony before a Congressional committee, and while it is set to be focused on financial regulation, traders said she is likely to asked questions about the Fed's outlook on rates and the economy.
Cleveland Fed President Mester and Kansas City Fed President George are also due to speak on the economy and monetary policy at separate events. Both are seen as hawks by the market after they dissented at the last meeting and voted to raise rates.
The dollar index was up 0.2 percent at 95.648 .DXY, and regained ground against the yen. It was up 0.2 percent at 100.60JPY= after setting a one-month low of 100.085 yen on Tuesday.
Oil prices rose
Oil prices rose in mixed trading on Wednesday, after sharp losses in the previous session, as industry data showed a surprise draw in U.S. crude stocks, although worries over a lack of agreement among producers to curb output kept a lid on gains.
U.S. West Texas Intermediate (WTI) crude was up 5 cents at $44.72 a barrel after climbing as high as $45.09 in earlier trading. The benchmark ended down $1.26, or 2.7 percent, in the previous session.
Data from industry group the American Petroleum Institute showed crude stocks fell 752,000 barrels in the week ended Sept. 23 to 506.4 million barrels. Analysts polled by Reuters were forecasting a 2.8 million-barrel build. [API/S]
Reference: Reuters
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