* Yellen testimony delivers no surprises
* Dollar gains after touching near two-week low
* Aussie dollar jumps
By Michael Connor
NEW YORK, Feb 11 The dollar came off nearly
two-week lows and rose moderately on Tuesday after new U.S.
Federal Reserve chief Janet Yellen signaled there would no
immediate deviation from the central bank's winding up of its
massive bond purchases.
"The clear message here is that the bar to doing less
tapering is very high," said Shaun Osborne, chief foreign
exchange strategist at TD Securities in Toronto. "It was what we
expected from Yellen, though there may have been some hope she
might be more dovish."
In prepared remarks released ahead of her first appearance
as Ben Bernanke's successor as Fed chair, Yellen said the U.S.
labor market recovery was "far from complete" and said the Fed
expects to continue trimming policy stimulus. She emphasized
After her comments were reported, the dollar jumped against
the Japanese yen to as high as 102.68 yen from 102.33,
but later fell back to 102.38, or up 0.1 percent for the day.
The U.S. currency trimmed losses against the euro, initially
moving to $1.3662 from $1.3678 before Yellen's written
testimony was released. Later it was at $1.3649.
The dollar index stood at 80.647 just before the
Yellen news and traded at 80.641 in New York and was flat for
the day after touching a low not seen since Jan. 29.
The Australian dollar rose to its highest point in almost a
month, helped by an upbeat business survey and by buying from
hedge funds, which have been betting against the Aussie for
months and are now taking profits, traders said.
The Aussie dollar last traded up 0.7 percent at US$0.9010