Tech stocks posted broad gains in early trading Wednesday, as much of the sector rose in advance of congressional testimony from U.S. Federal Reserve Chairman Ben Bernanke.The dollar and the yen held on to their broad gains on Wednesday as investors awaited testimony from Ben Bernanke, chairman of the Federal Reserve, later in the session.
Both currencies rallied strongly on Tuesday, with the Japanese currency in the vanguard, as sliding risk appetite boosted haven demand for the low-yielding dollar and yen.
Bernanke is scheduled to begin two days of testimony in which he is expected to assure Congress that the Fed's monetary policy is solid and helping to improve the U.S. economy. Read more about Bernanke's testimony.
The trend continued in Asia on Wednesday, with a sell-off in equities weighing on demand for commodity-linked currencies, which are highly sensitive to concerns over global growth.
The dollar rose 0.4 per cent to $0.8876 against the Australian dollar, gained 0.4 per cent to $0.6895 against the New Zealand dollar and edged 0.1 per cent higher to C$1.0561 against the Canadian dollar.
But analysts said further strong gains for the dollar and yen were likely to depend on comments from Ben Bernanke, chairman of the Federal Reserve, who was due to testify before US Congress later in the session.
Both currencies rallied strongly on Tuesday, with the Japanese currency in the vanguard, as sliding risk appetite boosted haven demand for the low-yielding dollar and yen.
Bernanke is scheduled to begin two days of testimony in which he is expected to assure Congress that the Fed's monetary policy is solid and helping to improve the U.S. economy. Read more about Bernanke's testimony.
The trend continued in Asia on Wednesday, with a sell-off in equities weighing on demand for commodity-linked currencies, which are highly sensitive to concerns over global growth.
The dollar rose 0.4 per cent to $0.8876 against the Australian dollar, gained 0.4 per cent to $0.6895 against the New Zealand dollar and edged 0.1 per cent higher to C$1.0561 against the Canadian dollar.
But analysts said further strong gains for the dollar and yen were likely to depend on comments from Ben Bernanke, chairman of the Federal Reserve, who was due to testify before US Congress later in the session.
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