Janet Yellen's speech Make US Dollar Weakens

Indonesia News-NEW YORK  The dollar weakened against most other major currencies in New York on Monday (Tuesday morning GMT), after Federal Reserve Chairman Janet Yellen failed to give signals about the timing of a rate hike in his latest speech.

In the last public speech before the June Fed policy meeting next week, Yellen said the US rate hike may be on the way, but did not mention the time gains.

Dollar US

"If the incoming data is consistent with the strengthening of labor market conditions and inflation are making progress towards the target of two per cent as I expected, further gradual rise in the federal funds rate are likely to be right," Yellen said at the World Affairs Council of Philadelphia on Monday.

However, he did not give a timeframe for raising interest rates as he did in May, which is interpreted by many market observers as "dovish." The dollar index, which measures the greenback against six major currencies, fell 0.12 percent to 93.914 in late trading.

In late New York trading, the euro rose to 1.1371 dollars from 1.1340 dollars in the previous session, and the British pound fell to 1.4457 dollars from 1.4515 dollars in the previous session. The Australian dollar edged up to 0.7377 dollars from 0.7354 dollars.

The US dollar bought 107.37 Japanese yen, up from 106.74 yen in the previous session. The US dollar fell to 0.9700 Swiss francs from 0.9769 Swiss francs, and fell to 1.2815 Canadian dollars from 1.2939 Canadian dollars.(okz)