Investing.com - The dollar pushed lower against other major currencies on Friday, despite the release of upbeat U.S. service sector activity data, as traders turned their attention to a speech by Federal Reserve Chair Janet Yellen due later in the day.
EUR/USD gained 0.48% to 1.0563, off the previous session’s one-week low of 1.0492.
The Institute of Supply Management said its non-manufacturing purchasing manager's index rose to 57.6 in February from 56.5 the previous month. Analysts had expected an unchanged reading last month.
The greenback had strengthened broadly after a number of Federal Reserve officials this week expressed their support for a March rate hike.
More clues on interest rate hikes ahead of the central bank's March 14-15 meeting were expected later Friday, with speeches from both Fed Chair Janet Yellen and Vice Chair Stanley Fischer.
Elsewhere, GBP/USD was little changed at 1.2269, easing off a fresh six-week low of 1.2214 hit ealier in the session.
Research group Markit reported on Friday that its U.K. services purchasing managers’ index dropped to a five-month low of 53.3 last month from 54.5 in January. Analysts had expected the index to fall to 54.1 in February.
USD/JPY held steady at 114.40, while USD/CHF slid 0.35% to 1.0100.
The Australian dollar was almost unchanged, with AUD/USD at 0.7569, while NZD/USD declined 0.75% to 0.7012.
Meanwhile, USD/CAD held steady at 1.3402, off a two-month peak of 1.3422 hit overnight.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.38% at 101.78, pulling away from Thursday’s seven-week high of 102.27.