Dollar wallows near four-week lows as Yellen sounds cautious note...

The dollar wallowed close to four-week lows against a basket of currencies on Tuesday, after Federal Reserve Chair Janet Yellen’s remarks failed to toss a lifebuoy to the recently foundering greenback.

The dollar index, which tracks the U.S. currency against a basket of six major rivals, nudged up 0.1 percent to 93.959 (.DXY), but it remained within sight of its overnight low of 93.745, its weakest level since May 11.

While Yellen remained upbeat about the overall U.S. economic outlook and said the Fed would hike interest rate hikes, she gave no fresh hints about timing, and called last month’s U.S. jobs data “disappointing.”

The dollar has been under pressure since the U.S. nonfarm payrolls report on Friday showed the slowest job growth in more than five years in May, quashing expectations for a near-term U.S. interest rate hike.

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