USD Unmoved, Defensive, as Yellen Reiterates Gradual Hikes Ahead

Bloomberg) -- EUR/USD -0.3% at 1.1259 vs 1.1237/1.1311 range, EUR slightly defensive in session as risk appetites rebound from recent pressure; EUR also weighed by crosses, notably EUR/GBP, trader in London said.

USD is modestly defensive in session, -0.1% as measured by BBDXY and is lower vs a majority of G-10 peers

Flows modest in session, USD fell modestly after Fed’s Yellen reiterated that the economy warrants only gradual rate hikes and that financial strains may pose risk if they persisted; Yellen testimony was released at 8:30am ET, ahead of 10am appearance at House Financial services committee

EUR decline earlier cushioned by bids at 1.1240/50 area, residual bids and stops remain near session low with further bids in place under 1.1195, traders in Europe and London said