Early trade in New York: Dollar gains after Yellen speech

The dollar gained on Friday after Federal Reserve Chair Janet Yellen came out more balanced than expected on her views about the US economy in a speech to central bankers. The speech by Yellen, a known policy 'dove', to an annual gathering of central bankers in Jackson Hole, Wyoming, cited persistent labour market slack but noted faster recovery in the sector could accelerate the timing of a Fed interest rate hike.
The greenback climbed to an 11-month high against the euro and a more than four-month peak above 104 yen versus the Japanese currency following Yellen's speech. The dollar rose as high as 104.18 yen, its highest since early April, and was last up 0.2 percent at 104.10 yen. The euro, meanwhile, plunged to $1.3229 against the dollar, its lowest since September 2013. It last traded at $1.3230, down 0.4 percent.