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Asia currencies strengthen ahead of Yellen testimony

Major Asia Pacific currencies firmed against the dollar in morning trade on Wednesday ahead of US Federal Reserve chair Janet Yellen’s semi-annual testimony to Congress.

The Australian dollar had gained 0.2 per cent to $0.7648.

Japan’s yen was also 0.2 per cent stronger at ¥113.68, moving further beyond the ¥114 mark it crossed in late trading on Tuesday.

The offshore renminbi firmed 0.1 per cent to Rmb6.7913 per dollar, pushing the less-regulated exchange rate for China’s currency past the Rmb6.8 mark. The onshore renminbi is set to begin trading later this hour after the People’s Bank of China sets the daily midpoint for its trading band against the dollar.

Ms Yellen will will deliver her semi-annual testimony to Congress over the next two days.