Futures flat as Yellen's speech awaited

Reuters

Spot gold rose 0.1% to United States dollars 1,294.62 per ounce at 0108 GMT.

The Atlanta Federal Reserve Bank's new president, Raphael Bostic, said recent weak inflation probably means labor markets are still healing from the 2007 to 2009 financial crisis, and he would want "clear evidence" prices were firming before committing to another interest rate increase.

Equifax dropped 1.1 percent after announcing that chief executive and chairman Richard Smith would step down in the wake of a massive data hack.

The dollar index, which tracks the greenback against six major currencies, was up 0.54 percent at 93.469, after rising to 93.607, the highest since August 23.

Investors have also scrambled to cover their short dollar bets fueled by a rise in USA yields.

US POLITICS WATCH: House Republicans and the Trump administration officials are due to give details of the plans for a long-awaited tax proposal on Wednesday, which are expected to reduce individual and corporate tax rates.

North Korea appears to have boosted defenses on its east coast, South Korea's Yonhap news agency reported, after Pyongyang said President Donald Trump had declared war and that it would shoot down US bombers flying near the peninsula.

"In response, the Federal Reserve will likely continue to remove monetary policy accommodation gradually", added Dudley, a close ally of Fed Chair Janet Yellen and a permanent voter on monetary policy.

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China's industrial-profit growth accelerated in August, driven by higher prices for industrial goods and lower production costs. President Donald Trump has not said whether he plans to re-appoint Yellen or overhaul the central bank's seven-member board of governors.

The dollar rose to a more than one-month high against a basket of currencies on Wednesday, as optimism about US fiscal reforms boosted sentiment in favour of the greenback.

Yellen's speech was interpreted by markets as hawkish as she noted that it would be "imprudent" to keep monetary policy on hold until inflation reaches 2%, thus lending weight to the possibility of a December US rate increase.

The Euro-to-Dollar rate pared a 0.68% loss overhanging from the London session to trade just 0.52% down at 1.1794. In Europe, the Stoxx 600 Index was 0.3 percent higher at 5:50 a.m., with S&P 500 futures gaining 0.1 percent.

U.S. gold futures for December delivery fell 0.35% to USD1,297.10 per ounce.

-The MSCI Emerging Market index sank 0.8 percent to the lowest in more than a month.

CURRENCIES: The dollar rose to 112.41 yen from 112.23 yen.

In other commodities, the Brent crude oil spot price gained 0.14% to $58.61 per barrel as of 04:35 BST. The euro was at $1.1756-1757, down from $1.1812-1813, and at ¥132.48-49, up from ¥132.01-02.

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