Investing.com - The dollar gained ground against the other major currencies on Wednesday ahead of keenly anticipated testimony on monetary policy by Federal Reserve Chairman Ben Bernanke later in the global day. During European morning trade, the dollar pushed higher against the euro, with EUR/USD sliding 0.16% to 1.3141. Investors were awaiting Bernanke's semiannual congressional testimony amid speculation over the timing of a possible reduction to the bank’s USD85 billion-a-month bond buying program. The dollar fell sharply last week after Bernanke said the U.S. economy still needed monetary stimulus. Bernanke was expected to reiterate that the bank could start scaling back its asset purchase program by the end of this year if the economy continues to pick up, but that interest rates will remain at record lows for the foreseeable future. The dollar rose to session highs against the yen, with USD/JPY climbing 0.65% to 99.72. Earlier Wednesday, the minutes of the Bank of Japan’s June meeting said the economy was expected to return to a moderate recovery path and reiterated that the bank’s easing program would remain in place for as long as necessary. Elsewhere, the dollar was higher against the pound, with GBP/USD falling 0.37% to 1.5100. The dollar was also higher against the Swiss franc, with USD/CHF rising 0.23% to 0.9410. The greenback was broadly higher against its Australian, New Zealand and Canadian counterparts, with AUD/USD losing 0.55% to trade at 0.9201, NZD/USD down 0.54% to 0.7849 and USD/CAD up 0.27% to 1.0395. The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, rose 0.24% to 82.82. The U.S. was to release official data on building permits and housing starts later Wednesday.

Source