The dollar remained lower against most of its 16 major counterparts after Federal Reserve Vice Chairman Janet Yellen endorsed the central bank’s “highly accommodative” policy.

The euro was 0.1 percent from a three-month low against the U.K. pound before Italy sells bonds today. Australia’s dollar advanced before the country releases employment data.

 

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U.S. dollar bills are arranged for a photograph in New York, U.S. Photographer: Scott Eells/Bloomberg

 

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April 10 (Bloomberg) -- Adam Cole, global head of foreign-exchange strategy at RBC Capital Markets, talks about Bank of Japan monetary policy and the outlook for the euro, dollar, yen and Swiss franc. He speaks with Owen Thomas on Bloomberg Television's "Countdown." (Source: Bloomberg)

“The market may start pricing in additional Fed easing,” weighing on the dollar, said Shinji Kureda, New York-based vice president of the trading department at Sumitomo Mitsui Banking Corp. “The Fed doves are likely to become dominant again as it gets clearer that the U.S. economy is losing momentum.”

The dollar was little changed at $1.3115 per euro as of 9:53 a.m. in Tokyo from the close in New York yesterday, when it lost 0.2 percent. The greenback fetched 81.02 yen from 80.86. The 17-nation euro fell 0.1 percent to 82.37 U.K. pence after touching 82.30 on April 9, the lowest since Jan. 9.

Further easing “could be warranted if the recovery proceeds at a slower-than-expected pace,” Yellen said yesterday in the text of a speech in New York. “Over the next several years, I anticipate that we will fall far short in achieving our maximum employment objective, and I expect inflation to remain at or below” the Fed’s 2 percent target, Yellen said.

Jobs Data

Government data last week showed that U.S. nonfarm payrolls increased by 120,000 in March, the smallest amount in five months. The number fell short of the most pessimistic forecasts in a Bloomberg News survey of economists.

The central bank bought $2.3 trillion of securities in two rounds of so-called quantitative easing from December 2008 to June 2011 to support the economy, and it has pledged to keep interest rates low through late 2014.

The number of people employed in Australia probably increased by 6,500 in March, according to the median estimate of economists in a Bloomberg News survey. Employment dropped by 15,400 the previous month.

Australia’s currency rose 0.1 percent to $1.0310 and climbed 0.3 percent to 83.53 yen.

To contact the reporters on this story: Masaki Kondo in Singapore at mkondo3@bloomberg.net; Monami Yui in Tokyo at myui1@bloomberg.net.

To contact the editor responsible for this story: Rocky Swift at rswift5@bloomberg.net.

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