U.S. Dollar Gauge Drops To Three-week Low On Yellen's Speech

By Anneken Tappe Markets MarketWatch Pulse

The U.S. dollar took a tumble on Friday after Federal Reserve Chairwoman Janet Yellen failed to comment specifically on monetary policy at a highly anticipated meeting of central bankers in Jackson Hole, Wyo. The ICE Dollar Index dropped 0.4% to a three-week low of 92.9140. The euro gained 0.5% against the dollar, buying $1.1855, and the pound rose 0.4% to $1.2853 after the speech. Even though it was expected that central bankers would avoid to make new policy statements, market participants were hoping for more clues on the Fed's monetary policy plans. European Central Bank President Mario Draghi is due to speak at 3pm Eastern today.

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