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Yellen optimistic about economy but says gives no rate hike timing

The dollar nudged slightly higher but still languished near four-week lows against a basket of currencies on Tuesday, after comments by Federal Reserve Chair Janet Yellen’s disappointed forex traders waiting for a more hawkish tone.

The Dollar index, a measure of the US currency against a basket of six major rivals, edged up 0.1 percent to 94.017, but remained within sight of its overnight low of 93.745, its weakest level since May 11.

Despite being relatively optimistic about the overall health of the US economy, and that the Fed would hike interest rates, Yellen gave no fresh clues about the timing, and called last month’s US jobs data “disappointing.”

USD/JPY rose 0.2 percent to 107.81, inching away from the previous session’s low of 106.35, its weakest in a month. It remained well shy of levels above 109, where it stood as recently as Friday.

EUR/USD is up 0.1 percent to 1.1360, edging back towards the previous session’s high of $1.1393 which is just shy of a one-month peak.

Following several polls ahead of the June 23 referendum which favored the chance of British voters opting to leave the European Union, the two latest polls on Tuesday’s newspapers showed Britons narrowly favor remaining in the EU, in contrast to the surveys released the previous day.

GBP/USD gained 0.7 percent to 1.4524 after rising to a one-week high of 1.4664. It plummeted to a low of $1.4352 on Monday, its deepest level since May 16.

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