Dollar firm ahead of Yellen testimony, holds above 114 yen

Investing.com - The dollar was firm Tuesday ahead of Fed Chair Janet {{ecl-1070||Yellen's} testimony to Congress beginning tomorrow.The dollar index was up 0.09% at 95.90 at 02:30 ET, near its highs for the session.Fed member John Williams Tuesday advocated the case for another U.S. rate hike this year.He also indicated he expects the Fed to begin tapering its balance sheet in the coming months.The dollar was up 0.33% at 114.44 yen near four-month highs.The Bank of Japan Monday reiterated the need to continue with its massive stimulus program.The (pound) was trading below $1.29 with Bank of England Monetary Policy Committee members due to speak.MPC member Haldane has argued the case for tightening in the face of inflationary pressures due to the pound's weakness.The euro was steady at a tad below the $1.14 mark. ECB member Coeure is due to speak.The Aussie was firm against the dollar as industrial metal prices edged higher.