Dollar Edges Higher Ahead of Fed Chair’s Remarks

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The dollar was stronger against competing major currencies on Friday, hovering near a previous two-month high as investors looked ahead to Federal Reserve Chair Janet Yellen’s speech slated later in the day.

USD/JPY was steady at 109.70.

Investors are awaiting the comments by Fed Chair Janet Yellen to see if she will provide hints on the timing and likelihood of future interest rate hikes.

The American currency posted spectacular gains earlier in the week after expectations for a rate hike increase was bolstered following positive statements by Fed officials on the outlook of the U.S. economy.

EUR/USD shed 0.10% to trade lower at 1.1183.

The greenback was stronger against the pound and the Swiss franc, with GBP/USD slipping 0.12% at 1.4652 and with USD/CHF gaining 0.09% to 0.9902.

Both the Australian and New Zealand dollars were virtually unchanged, with AUD/USD trading at 0.7227, while the NZD/USD was at 0.6744.

Elsewhere, USD/CAD tacked on 0.38% to trade higher at 1.23028.

So called commodity-currencies shed on Friday after oil prices edged lower, amid new global supply glut worries.

The U.S. dollar index, which puts the greenback’s strength into context against a bunch of six major currencies, was higher 0.09% at 95.23, near Wednesday’s two-month highs of 95.66.

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