Forex Market Update

The U.S. dollar inched lower against its main trading partners Wednesday, extending losses from Tuesday’s session, after Federal Reserve Chairwoman Janet Yellen suggested the central bank isn’t ready to raise interest rates just yet.

The dollar traded lower against the euro EURUSD, +0.09%  and flat against the yen USDJPY, +0.08% with the euro worth $1.1360 and the buck trading at ¥118.85, compared with $1.1349 and ¥118.75 Tuesday.

The ICE U.S. Dollar Index DXY, -0.05% a measure of the dollar’s strength against a trade-weighted basket of six rival currencies, was 0.3% lower at 94.2260.

The pound GBPUSD, +0.15%  and the Australian dollar AUDUSD, -0.39%  were especially well-bid versus the buck, with sterling trading at $1.5525, its highest level since late December. It traded at $1.5476 late Tuesday.