February 10, 2014 / 4:30 PM / in 4 years

GLOBAL MARKETS-Stocks, dollar trade little changed ahead of Yellen

* European shares up as investors look past mixed jobs report

* Dollar steady as traders await views of Fed’s Yellen

By Herbert Lash

NEW YORK, Feb 10 (Reuters) - Global equity markets and the dollar traded little changed on Monday as investors awaited the first congressional testimony this week of the Federal Reserve’s new chair after last week’s weak January labor market report left investors skittish.

U.S. stocks traded 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 dollar held steady against major currencies as traders waited to hear the economic and policy views of Janet Yellen, the Fed’s new chair, 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 0.1 percent at 80.626, and the greenback was mildly weaker versus the yen at 102.00 yen, down 0.32 percent on the day.

The euro rose 0.09 percent against the dollar at $1.3645.

MSCI’s all-country equity index rose 0.09 percent, while the pan-European FTSEurofirst 300 traded flat at 1,300.00.

The Dow Jones industrial average was off 27.56 points, or 0.17 percent, at 15,766.52. The Standard & Poor’s 500 Index was down 2.35 points, or 0.13 percent, at 1,794.67. The Nasdaq Composite Index was up 10.15 points, or 0.25 percent, at 4,136.01.

“People will be parsing the words, but I‘m expecting nothing out of the ordinary, status quo, steady as she goes,” Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey, said of Yellen’s testimony.

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 rose 1/32 in price to yield 2.6711 percent.

Bund futures were down 0.1 percent, at 143.68 euros.

Brent crude oil slipped after hitting a five-week high above $109 a barrel

March Brent crude was down 39 cents at $109.18 a barrel. U.S. crude rose 39 cents to $100.27, after rising to $100.46, a 2014 high.

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