The world's reserve currency scraped its lowest value in about six weeks on Wednesday in London trading as the Fed chief was set to deliver a speech in Washington, according to Bloomberg.
As the U.S. Federal Reserve wrestles with policy issues like the status of interest rates and monthly debt purchases, Janet Yellen is scheduled to address the International Monetary Fund. The U.S. dollar has fallen for five-straight days. Manufacturing data released on Tuesday was weaker than expected, which also impacted the performance of the greenback.
"At the time Yellen seemed determined to give as little support as possible to rate hike speculation," currency strategist Esther Reichelt with Commerzbank told Reuters on Wednesday. "This is unlikely to be any different today. But the market is waiting for Fed signals and therefore already small hints can be sufficient to affect the dollar."
The U.S. dollar was hovering in value against the common currency of the European Union and the Japanese yen.
Reuters reports Yellen is scheduled to speak in the afternoon. ADP is slated to release labor market data on Wednesday.
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