The dollar is dipping

The US dollar is dipping on Tuesday morning.

The index is down by 0.2% at 100.84 at 7:49 a.m. ET.

After Monday’s close, Fed Chair Janet Yellen said that the Fed is focused on allowing the economy to maintain its gains.

“Before, we had our foot pressed down on the gas pedal trying to give the economy all the oomph we possibly could,” she said in a speech at the University of Michigan.

Now, the Fed is “allowing the economy to kind of coast and remain on an even keel to give it some gas, but not so much that we’re pressing down on the accelerator,” she added. “That’s a better stance of monetary policy.”

Separately, JOLTS Job Openings will be released at 10 a.m. ET.

As for the rest of the world, here’s the scoreboard as of 7:38 a.m. ET:

  • The euro is little changed at 1.0611 against the dollar after Germany’s ZEW economic sentiment climbed to 19.5 in April — its highest level since August 2015.
  • The British pound is little changed at 1.2428 against the dollar after consumer prices held at 2.3% in March, according to data released by the Office for National Statistics.
  • The Russian ruble is up by 0.5% at 56.8823 per dollar, while Brent crude oil, the international benchmark, is little changed at $US55.92 per barrel.
  • The Korean won closed down by 0.2% at 1,145.30, dipping amid ongoing geopolitical concerns. It has fallen for six consecutive sessions, and for 10 out of the last 11.
  • The Japanese yen is stronger by 0.3% at 110.62 per dollar.

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