The American Dollar, on Tuesday, February 14, slumped against major currencies as investors reined in any expectations for a March rise in U.S. interest rates.
The dollar index dipped 0.06 percent to 100.90, above its session low of 100.70 but below its three-week peak of 101.11 struck on Monday.
The euro inched up 0.1 percent against the greenback at $1.0608 but down 0.2 percent at 120.31 yen amid political risk and disappointing regional economic data.
The euro has come under pressure in recent sessions from France’s presidential election campaign and Greek bailout talks, Rueters reports.
Investors await the semi-annual economic testimony from Federal Reserve Chair Janet Yellen on Tuesday before Congress where she might drop clues on the probability on a rate increase next month as the jobs sector has improved further and inflation has shown signs of accelerating.
Analysts expect Yellen will unlikely offer firm signal for a rate move at its March 14-15 policy meeting.
The gauge of the greenback versus six major currencies pared its initial losses after data showed U.S. producer prices posted its largest monthly rise in more than four years in January, supporting the view domestic inflation is approaching the Fed’s 2 percent goal.
