FX trade was largely sideways through the morning session, as the market awaited the speech from Fed chair Yellen. The dollar fell across the board as Yellen headlines hit the wires after 12:20 EDT, where she voiced "caution", saying only gradual increases in the fed funds rate will be warranted in the coming years, with the best policy being greater gradualism. She said global developments pose ongoing risks, and she expects growth to be weaker for the remainder of the year, than previously expected.
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