9 February 2011, 17:52  Dollar strengths befor testimony

The dollar strengthened against most of its major counterparts amid speculation Federal Reserve Chairman Ben S. Bernanke may signal confidence in the economic recovery during congressional testimony. The greenback rose versus the yen for a sixth straight day, the longest winning streak since November, before data tomorrow that may show U.S. unemployment is easing. The euro briefly pared gains versus the dollar after a Bundesbank official, speaking on condition of anonymity, said Axel Weber may not seek a second term as president of the German central bank. The greenback pared gains against the yen after Treasury Secretary Timothy F. Geithner said a corporate tax overhaul should lower rates and broaden the base. He spoke at a forum in Washington, where he also said a corporate tax overhaul must be revenue-neutral. Bernanke is scheduled to testify at 10 a.m. Washington time at a hearing of the House Budget Committee.

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