Published July 10, 2015 12:44pm EDT | Updated July 24, 2015 4:34pm EDT

Dollar Edges Higher As Yellen Points To Rate Hike This Year

The U.S. dollar edged higher against the euro and yen Friday after Federal Reserve Chairwoman Janet Yellen said she expects a rate hike is needed this year. The dollar added to its gains against the yen, rising to 122.80 yen, from 122.70 yen ahead of the speech. Meanwhile, the euro trimmed its gains against the dollar, falling to $1.1144, from $1.1165 ahead of the speech. Yellen made her comments in an address at The City Club of Cleveland.