Yuan falters, dollar firm ahead of Powell testimony
at 8.7% in May, against hopes it had cooled since April. Sterling briefly rose as far as 0.3% against the dollar to $1.2803 before settling back to $1.2765.
The euro held to $1.0914 in Asia trade, while the yen slipped slightly to 141.80 per dollar as Bank of Japan minutes andPowell is due to begin his testimony before Congress at 1400 GMT. "It is crucial to see whether would more strongly drive home the point that the Fed is serious about another 50 bps of hikes or give the impression that they are 'data dependent'," they said. "The former may do more to give additional support to send the dollar index and yields higher."
China set its yuan midpoint weaker than expected on Wednesday and the currency slid to a new seven-month trough of 7.1987 in onshore trade, while the offshore yuan weakened past 7.2 to the dollar.following this month's rate hike. It fell 0.9% overnight and last bought $0.6786.
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