* European shares up as investors look past mixed U.S. jobs
* Dollar steady as traders await views of Fed's Yellen
By Herbert Lash
NEW YORK, Feb 10 The dollar and prices in global
equity markets were little changed on Monday as investors
awaited the first congressional testimony of new Federal Reserve
chief Janet Yellen after a weak labor market report for January
left investors skittish.
U.S. stocks were mixed on the heels of the benchmark S&P
500's best two-day performance in four months late last week,
while a measure of global equity activity and a broad European
stock index rose slightly.
The U.S. Labor Department reported on Friday that non-farm
payrolls rose by 113,000 last month, well below the consensus
forecast of 185,000. But investors attributed the disappointing
data to inclement weather and bid stocks higher.
The dollar held steady against major currencies on Monday as
traders waited to hear the economic and policy views of Yellen,
who is viewed as an architect of the U.S. central bank's current
ultra-loose monetary policy.
Yellen appears before the Republican-controlled House
Financial Services Committee on Tuesday and the
Democrat-controlled Senate Banking Committee on Thursday.
"It doesn't provide a lot of incentive to move the dollar
out of its current trading range," said Bob Lynch, head of G10
FX strategy at HSBC Bank USA in New York.
The dollar index last traded down 0.07 percent at
80.637, and the greenback was mildly weaker versus the yen at
102.17 yen, down 0.16 percent on the day.
The euro rose 0.06 percent against the dollar at
MSCI's all-country equity index, a measure
of global equity markets, rose 0.15 percent, while the
pan-European FTSEurofirst 300 closed up 0.08 percent at
The Dow Jones industrial average fell 20.40 points,
or 0.13 percent, at 15,773.68. The Standard & Poor's 500 Index
was down 0.69 points, or 0.04 percent, at 1,796.33. The
Nasdaq Composite Index was up 10.99 points, or 0.27
percent, at 4,136.85.
Yellen is expected to stay the course with slowly winding
down the Fed's bond buying program this year, a process termed
The Fed has been cutting its bond purchases by $10 billion a
month as the U.S. economy has improved. The bond buying has
largely supported commodity and equity markets.
"The overall sentiment is 'steady as she goes,' said Tariq
Zahir, managing member of commodity trading adviser Tyche
Capital Advisors in New York. "I don't think there's going to be
a taper of the taper."
Benchmark safe-haven bonds, including U.S. Treasuries
and German Bunds, maintained tight
ranges as investors looked ahead to a string of risk events
later this week.
The benchmark U.S. Treasury 10-year note fell
2/32 in price to yield 2.6802 percent in a see-saw session.
Bund futures settled down 18 ticks at 143.65 euros.
Brent crude oil slipped after hitting a five-week high above
$109 a barrel.
March Brent crude was down 72 cents at $108.85 a
barrel. U.S. crude rose 21 cents to $100.09, after rising
to $100.46, a 2014 high.