24.09.201503:19:33UTC+00US dollar surges ahead of Yellen speech

The US dollar advanced Thursday as investors look forward to Federal Reserve Chair Janet Yellen's speech later in the day.

Traders hope the Fed chief will shed more light on the timing of its interest rate hike. Some economists mentioned in global markets, a lack of clarity is worse than an actual increase.

The greenback finished at $1.1195 per euro, previously $1.1182. Against the Japanese yen, the currency closed at ¥120.02 from Wednesday's ¥120.28.

There is a risk-off trade “on back of weakness in stocks,” said Tsutomu Soma, Department Manager of Fixed-income Business Unit at Rakuten Securities.

Last week, investors were spooked when the US central bank held off increasing rates, citing woes about Chinese economic growth and a developing market shutdown.