Euro rises as markets tread water before Yellen speech

The euro rose slightly on Thursday against the dollar, the yen and the British pound while investors awaited Friday's keynote address from US Fed chief Janet Yellen.

Towards 2100 GMT, the euro was at $1.1281, up from $1.1264 the day before, at 113.43 yen, up from 113.14.

A euro was worth 85.55 pence, up from 85.13 the day before.

"Markets are just technically trading, positioning back and forth ahead of Yellen speaking," said David Gilmore of Foreign Exchange Analytics.

"I do not see any fundamental reason to move."

At the Fed's annual confab on central banking held in Wyoming, Yellen is to deliver a highly anticipated speech at 1400 GMT Friday about the tools available to monetary policy makers.

Observers do not expect her to send clear signals on the timing of the next increase in key US interest rates, which help drive market decisions globally, but her words will nevertheless be closely scrutinized for positions on the health of the US economy.

Higher interest rates can drive demand for the dollar for use in purchasing US Treasury bonds.