US$ languishes as traders look to Yellen for direction
London
THE US dollar languished close to a 3 ½ month low against a basket of major currencies on Wednesday, as traders waited for US interest rate guidance from Federal Reserve chair Janet Yellen.
The currency has shed over 3 per cent over the past two weeks as expectations of a 2016 rate rise have all but vanished. Worries over sliding commodity prices, a slowing China and the health of European banks have also dampened US dollar demand in favour of safe-haven assets such as the yen.
Against a basket of currencies, the US dollar was flat at 96.056, having touched 95.663 on Tuesday, its weakest s…
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