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* Dollar turns direction vs yen to trade lower
* Investors await Fed's Yellen congressional testament
* U.S. consumer inflation data due on Friday
* Graphic: World FX frequencies in 2017 http :// tmsnrt.rs/ 2egbfVh
( Updates throughout )
By Saqib Iqbal AhmedNEW YORK, July 11( Reuters)- The dollar fell to a more than
one-week low-grade against a basket of major currencies on Tuesday ,
after U.S. President Donald Trump's eldest son released an email
chain quoting Russian is supportive of his father before last year's
U.S. election .
Donald Trump Jr. was told a Russian attorney was offering
his father's presidential campaign incriminating report
about Democratic rival Hillary Clinton as part of Russian
government support, according to an email chain that he released
on Tuesday.[ nL1N1K209P ]
" At the very least, these types of headlines play up
concerns about dysfunction in Washington and the powerlessnes of
this administration to pass any meaningful legislation ,
particularly relevant to fiscal stimulus ," mentioned Omer Esiner ,
chief sell analyst at Commonwealth FX in Washington .
U.S. Senate Republican leader Mitch McConnell said on
Tuesday that the Senate would vote on a invoice to roll back
Obamacare next week and then move on to other parliamentary
business.[ nW1N1HW027 ]
The dollar indicator <.DXY>, which tracks the greenback against
six major competitors, grew negative on the day to sold down 0.28
percent at 95.751, after smacking 95.651, its lowest since July
3 .
Investors are waiting for U.S. Federal Reserve Chair Janet
Yellen's semiannual monetary policy testament before Congress on
Wednesday and U.S. customer inflation data on Friday .
Meanwhile, Fed Governor Lael Brainard said the Fed should
soon begin reducing its balance sheet, as long as financial data
on U.S. jobs and growth comprises up. Once balance sheet reduction
is under way, she will assess inflation before deciding on
further interest rates rises, she spoke.[ nL1N1K10X8 ]
The greenback, which touched a four-month high against the
Japanese yens earlier in its present session spurred by the recent rise
in U.S. government alliance harvests, reversed direction to autumn 0.16
percent to 113.85 yen. The euro rose to a 14 -month high-priced of
$1.1479.
The Canadian dollar slipped against its U.S .
counterpart as traders awaited an interest rate hike decision by
the Bank of Canada on Wednesday.[ nL1N1K20F4 ]
The greenback gained against the New Zealand dollar
as rising U.S. crops, soft commodity rates and a disappointing
report on domestic credit card expend transmitted investors fleeing
kiwi resources .
Sterling fell to an eight-month low against the euro after
the Bank of England Deputy Governor Ben Broadbent declined to
back up recent indications from other policymakers at the central bank
that suggested it may be moving toward creating interest rates .
[ nL4N1K240R ]