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Dollar Pares Drop Before Yellen’s Speech and Confidence Report

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A gauge of the dollar pared its biggest one-day decline in more than a week as the market awaited a speech by Federal Reserve Chair Janet Yellen that may provide more clarity about how she sees the economy. The U.S currency gained versus half of its 16 major peers before a report on Tuesday which economists forecast will show consumer confidence improved in March. Bloomberg’s Dollar Spot Index dropped on Monday after San Francisco Fed President John Williams said the economy is vulnerable to global developments. Fellow policy makers James Bullard and Patrick Harker signaled this month U.S. interest rates may rise as soon as April. … (full story)

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