U.S. dollar slips on Yellen's speech

The U.S. dollar declined against most major peers on Monday after Federal Reserve Chair Janet Yellen failed to signal the timing of further interest rate-hikes in her latest speech.

In her last public speech before the Fed's June policy meeting next week, Yellen said U.S. interest rate-hikes are likely on the way, but did not mention the timing of the hike.

"If incoming data are consistent with labor market conditions strengthening and inflation making progress toward our 2-percent objective, as I expect, further gradual increases in the federal funds rate are likely to be appropriate," Yellen said at the World Affairs Council of Philadelphia on Monday.

However, she didn't give a time-frame for raising interest rates like she did in May, which was interpreted by many market observers as "dovish."

The dollar index, which measures the greenback against six major peers, was down 0.12 percent at 93.914 in late trading.

In late New York trading, the euro rose to 1.1371 dollars from 1.1340 dollars in the previous session, and the British pound decreased to 1.4457 dollars from 1.4515 U.S. dollars in the previous session. The Australian dollar inched up to 0.7377 dollar from 0.7354 dollar.

The U.S. dollar bought 107.37 Japanese yen, higher than 106.74 yen of the previous session. The U.S. dollar fell to 0.9700 Swiss franc from 0.9769 Swiss franc, and it declined to 1.2815 Canadian dollars from 1.2939 Canadian dollars. Endit