NEW YORK, July 14 -- The U.S. dollar dropped slightly against most major currencies on Monday as investors awaited Federal Reserve Chair Janet Yellen's testimony in front of Congress.
With no major U.S. economic data out on Monday, investors are looking ahead to Yellen's semi-annual testimony on monetary policy to Congress on Tuesday and Wednesday and analysts expect Yellen to maintain her dovish tone.
The euro strengthened against the dollar after European Central Bank President Mario Draghi said euro's appreciation could be a drag on eurozone's recovery at the European Parliament's Committee on Economic and Monetary Affairs.
Moreover, the greenback has been taking pressure from the Federal Reserve's minutes of its latest policy meeting released last week.
The minutes offered no clue about when the Fed would begin hiking interest rates for the first time, but said that the final asset-purchases reduction would occur following the October meeting if the economy progresses as it expects.
In late New York trading, the euro rose to 1.3618 dollars from 1.3609 dollars of the previous session, and the British pound decreased to 1.7080 dollars from 1.7117 dollars. The Australian dollar climbed to 0.9391 dollar from 0.9388 dollar. The dollar bought 101.58 Japanese yen, higher than 101.33 yen of the previous session. The green back went down to 0.8919 Swiss franc from 0.8921 Swiss franc, and moved down to 1.0714 Canadian dollars from 1.0733 Canadian dollars.