TOKYO: The dollar held firm against its peers on Thursday, supported by bullish comments from the U.S. Federal Reserve chairman, which affirmed expectations for at least two more interest rate hikes this year.
In closely watched congressional testimony on Tuesday and again on Wednesday, Fed Chairman Jerome Powell said he believed the United States was on course for years more of steady growth, and carefully played down the risks to the U.S. economy of an escalating trade conflict.
Meanwhile, the widening trade rift between China and the United States knocked the yuan to a one-year low in both the onshore and offshore markets.
The dollar index versus a basket of six major currencies was little changed at 95.021 after hitting a three-week high of 95.407 overnight. The euro was a shade firmer at $1.1650 after dipping about 0.2 percent on Wednesday, during which it brushed a 16-day low of $1.1602.
The rise in U.S. Treasury yields, notably those in the short end, amid the possibility of further rate increases helped support the dollar. The two-year Treasury yield stood near 2.624 percent, its highest since August 2008 scaled on Wednesday.
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