US Dollar Slows, Wait For Yellen Testimonials

The pace of US dollar strengthening against major currencies in Asian session on Tuesday (11 / Jul) began to slow. Cessation of yields on US government bonds led to the slowdown. Investors are waiting for comments from Fed Chairman Janet Yellen for the latest clues on policy directions.
Against the Yen, the US Dollar was heading for a slight rise against the Japanese Yen, 0.1 percent to 114,160 and extending to 114.40 as of this writing. Meanwhile, EUR / USD looks flat in the range of 1.1387, and slightly slid to 1.1386 as the news was written.

Increase in US Treasury Bonds Paused
"The US dollar slashed its gains in the wake of a halt in German bund yields late yesterday and dragged down yields on US Treasuries," said Yukio Ishizuki, an expert on the latest bond yields. Senior currency at Daiwa Securities quoted by Reuters.

In addition, investors also dumped euro zone government bonds over the past two weeks. Expected, the ECB will choose to end the stimulus more quickly.

Instructions From World Bank Central Officials
The next clue for the forex market is Janet Yellen's comments in the Fed's semi-annual testimony before the Congress to be held on Wednesday and Thursday tomorrow. Bull Dollar is preparing for hawkish sentiment from Janet Yellen, which is supported by the rapid increase in US NFP for June last week.

GBP / USD is trading at 1.28717, little changed from 1.2880 position. Nevertheless, the pair is still not too far from the two-week low at 1.2855. Meanwhile, the official of the Bank of England (BoE), Ben Broadbent, is scheduled to address the Scottish Council for Development and Industry in Aberdeen. Investors look forward to Broadbent's comments because their influence is quite important in determining British interest rates.