U.S. dollar drops ahead of Yellen's speech

The U.S. dollar fell against other major currencies on Monday as investors were awaiting the closely-watched Federal Reserve Chair Janet Yellen's speech later in the day.

Yellen will speak at the University of Michigan Ford School Of Public Policy later on Monday and is expected to unleash more information about future pace of Fed's rate-hikes.

Meanwhile, investors were still digesting the mixed nonfarm payroll report.

U.S. total nonfarm payroll employment edged up by 98,000, well below market estimates of 180,000, but the unemployment rate declined to 4.5 percent in March, according to the Labor Department Friday.

The dollar index, which measures the greenback against six major peers, was down 0.21 percent at 100.970 on Monday in late trading.

In late New York trading, the euro rose to 1.0603 dollars from 1.0586 dollars, and the British pound increased to 1.2424 dollars from 1.2371 U.S. dollars in the previous session. The Australian dollar rose to 0.7504 U.S. dollar from 0.7500 U.S. dollar.

The U.S. dollar bought 110.89 Japanese yen, lower than 111.29 yen of the previous session. The U.S. dollar dropped to 1.0079 Swiss francs from 1.0096 Swiss francs, and it edged down to 1.3330 Canadian dollars from 1.3416 Canadian dollars. Enditem