US dollar up against yen with focus on Yellen

London

THE US dollar rose against the yen and a basket of currencies on Wednesday, with the focus shifting to Federal Reserve chair Janet Yellen's semi-annual testimony before a Congressional committee later in the day.

While she is set to focus on financial regulation, traders said that she is likely to be asked questions about the Fed's outlook on rates and the economy. Cleveland Fed president Loretta Mester and Kansas City Fed president Esther 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.