The major currencies have traded without direction with markets hunkered down into Fed chairwoman Yellen's speech later today, and ahead of the long U.S. holiday weekend. The dollar has lost its rallying impetus, tracking a decline in U.S. Treasury yields as markets take a more circumspect view of Fed tightening prospects. We doubt that Yellen's appearance today will be either the time or place for her to spill the beans on policy. She will be in conversation with Greg Mankiw to discuss her professional achievements.
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