Yellen stays flexible on rate move

Federal Reserve chief pledges to be 'patient' on starting to raise borrowing costs in the US

Currency volatility is poised for its biggest weekly drop since 2010 after Federal Reserve Chair Janet Yellen reiterated on Wednesday that the central bank's timetable for raising interest rates is flexible.

A gauge of the dollar remained weaker following Yellen's testimony to a House committee, a day after she told a Senate panel that the labor market was improving even as inflation and wage growth remain too low. A measure of expected currency swings has fallen for the past three days as euro-region finance ministers agreed to a package of economic measures for Greece on Tuesday. Australia's dollar slumped after a report showed business spending declined more than analysts forecast.