LONDON: The dollar was flat against the yen and the euro in Asia trade Wednesday, with investors reluctant to take lopsided trading positions ahead of a busy day of market-moving events including Federal Reserve Chairwoman Janet Yellen’s semiannual monetary-policy testimony.
Around 0450 GMT, the greenback as at Y123.40, compared with Y123.39 late Tuesday in New York.
The euro was at $1.1000 midday, compared with $1.1007 overnight. The bloc’s common currency was also at Y135.76 from Y135.82.
The WSJ Dollar Index, a measure of the dollar against a basket of major currencies, was up 0.01% at 87.59.
Investors avoided aggressively taking positions manner hours before Ms. Yellen heads to Capitol Hill to present the Fed’s semiannual Monetary Policy Report and take questions from lawmakers.
The dollar also maintained stability after China’s slightly-better-than-expected economic growth and the Bank of Japan’s decision to stand pat at its monetary policy meeting. But currency market investors shrugged off these events, as well as comments by a Fed member that a rate increase is imminent. Instead, they sat on the sidelines before her appearance before the House Financial Services Committee later on Wednesday.
