Dollar Retreats As Yellen Emphasizes Cautious Approach To Rate Hikes

The dollar weakened against its main rivals Thursday after Federal Reserve Chairwoman Janet Yellen reiterated that global developments have increased the risks for the U.S. economy. Yellen said caution about the pace of raising interest rates was justified -- a message that investors interpreted as dovish. The dollar sold off, with the euro climbing to $1.1252 after the remarks, from around $1.1205 shortly before. The dollar fell to 113.07 yen, from 113.30 yen shortly before. The pound rose to $1.4357, from $1.4287 shortly before.