US$ under pressure as Yellen signals slow hike

Tokyo

THE US dollar weakened on Thursday as Federal Reserve chief Janet Yellen pointed to weakness in the US economy and cautioned that any rises in interest rates would be slow. The greenback eased to 123.14 yen in Tokyo from 123.43 yen in New York.

The euro ticked up to US$1.1362 from US$1.1335 and to 139.92 yen from 139.91 yen despite rising fears over a Greek debt default as eurozone finance ministers prepared to meet later in the day.