Investing.com - The dollar pushed lower against the other majors currencies on Friday, as political uncertainty surrounding U.S. President-elect Donald Trump’s presidency continued to weigh and as investors eyed the release of upcoming U.S. economic reports.
EUR/USD gained 0.38% to 1.0652, close to the previous session’s five-week highs of 1.0687.
The dollar found some support after Federal Reserve Chair Janet Yellen said the U.S. economy is doing well and faces no serious obstacles in the short term, with the labor market looking strong.
Ms. Yellen was speaking at a town hall meeting with educators, in Washington.
However the greenback was still under heavy pressure since Donald Trump failed to offer details on his promises to boost fiscal spending and cut taxes at a highly-anticipated news conference on Wednesday.
In addition, St. Louis Federal Reserve bank president James Bullard said on Thursday that the election of Donald Trump has not yet switched the U.S. economy to a new "regime" that requires a quick rise in interest rates, which can remain "fairly low" at least through 2017.
Bullard also said that "any effects from the new administration's policies are only likely to be observed in 2018 and 2019."
Elsewhere, GBP/USD advanced 0.49% to 1.2217, not far from Wednesday’s three-month lows of 1.2036.
USD/JPY held steady at 114.64, just off Thursday’s five-week trough of 113.73, while USD/CHF slid 0.31% to 1.0077.
The Australian and New Zealand dollars were stronger, with AUD/USD up 0.11% at 0.7489 and with NZD/USD rising 0.37% to 0.7118.
Meanwhile, USD/CAD was almost unchanged at 1.3153.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.27% at 101.19, not far from the previous session’s one-month low of 100.70.