U.S. dollar declines ahead of Yellen speech

Source: Xinhua| 2017-11-22 06:27:50|Editor: yan
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NEW YORK, Nov. 21 (Xinhua) -- The U.S. dollar dropped against other major currencies on Tuesday ahead of a closely-watched speech by Federal Reserve Chair Janet Yellen.

Investors were awaiting Yellen's speech scheduled for later on Tuesday. In the previous session, she said that she would leave once her successor is sworn in.

Yellen's term as Fed chair expires in February 2018 but her term as Fed governor would have ended in January 2024. President Donald Trump earlier this month appointed current Fed Governor Jerome Powell as the next Fed chair.

On the economic front, U.S. total existing-home sales increased 2.0 percent to a seasonally adjusted annual rate of 5.48 million in October from a downwardly revised 5.37 million in September, according to the National Association of Realtors Tuesday.

The dollar index, which measures the greenback against six major peers, was down 0.14 percent at 93.92 in late trading.

In late New York trading, the euro rose to 1.1745 U.S. dollars from 1.1734 U.S. dollars, and the British pound rose to 1.3244 U.S. dollars from 1.3242 U.S. dollars. The Australian dollar increased to 0.7581 U.S. dollar from 0.7548 U.S. dollar.

The U.S. dollar bought 112.38 Japanese yen, lower than 112.64 yen of the previous session. The U.S. dollar lost to 0.9915 Swiss franc from 0.9929 Swiss franc, and it edged down to 1.2780 Canadian dollars from 1.2796 Canadian dollars.