U.S. dollar declines on Yellen's remarks

The U.S. dollar slipped against most major currencies on Monday as investors were sifting through latest remarks from Federal Reserve Janet Yellen.

Yellen said Friday that the Fed may need to run a "high-pressure economy" to reverse damage from the crisis that depressed output, sidelined workers and risks are becoming a permanent scar.

Though not addressing interest rates or immediate policy concerns directly, Yellen laid out the deepening concern at the Fed that U.S. economic potential is slipping and may need aggressive steps to rebuild it.

The greenback was also under pressure as investors took profits from recent gains.

The dollar index, which measures the greenback against six major peers, was down 0.13 percent at 97.890 in late trading.

In late New York trading, the euro fell to 1.0996 dollars from 1.0998 dollars, and the British pound rose to 1.2196 dollars from 1.2191 dollars. The Australian dollar increased to 0.7623 dollars from 0.7617 dollars.

The dollar bought 103.83 Japanese yen, lower than 104.07 yen in the previous session. The dollar inched down to 0.9888 Swiss francs from 0.9891 Swiss francs, and it climbed to 1.3137 Canadian dollars from 1.3129 Canadian dollars. Endit