Investing.com - The dollar was moderately lower against the other major currencies on Friday, as U.S. political uncertainty continued to weigh on the greenback, although losses were limited by upbeat remarks by Federal Reserve Chair Janet Yellen.
EUR/USD edged up 0.16% to 1.0629, off the previous session’s five-week highs of 1.0687.
The greenback came under broad selling pressure after U.S. President-elect Donald Trump failed to offer details on his promises to boost fiscal spending and cut taxes at a highly-anticipated news conference on Wednesday.
St. Louis Federal Reserve bank president James Bullard said on Thursday that "any effects from the new administration's policies are only likely to be observed in 2018 and 2019."
Bullard also said that the election of Donald Trump as U.S. president 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.
The dollar found some support however after 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.
The Fed chairwoman was speaking at a town hall meeting with educators, in Washington.
GBP/USD added 0.09% to 1.2170, still close to Wednesday’s three-month lows of 1.2036.
Elsewhere, USD/JPY held steady at 114.68, just off Thursday’s five-week trough of 113.73.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.15% at 101.31, not far from the previous session’s one-month low of 100.70.