Greenback firms versus yen as traders wait for Yellen speech

Greenback firms versus yen as traders wait for Yellen speech

On Tuesday, the US currency stood tall, moving to a one-month peak versus the Japanese yen as market participants waited to see if Fed Chair Janet Yellen would stick to her upbeat economic outlook at an event later in the world session.

She’s expected to participate in a discussion on global economic questions at London's Royal Academy, and it’s seen probably to stick to her upbeat views on the American economy notwithstanding a recent bunch of poor American economic data, backing the Fed's forecast of increasing interest rates once more in 2017.

Early on Tuesday, the selling helped the greenback to hit a fresh one-month peak of 111.95 yen. Last it traded 111.94 yen, up 0.1%.  

However, Monday’s American data provided investors with a reason to be cautious over purchasing the US currency. New orders for major American-made capital goods suddenly dipped in May and shipments sagged too, hinting at a loss of momentum in the manufacturing sector about halfway through the second quarter.

 

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