Coffee futures drop nearly one percent as dollar strengthens

Coffee futures fell nearly one percent in American trade as the dollar index rose according to their inverse relation, which follows a spate of data from the U.S. that showed an acceleration in producer prices, while Fed Chair Yellen expressed her commitment to continue tightening the monetary policy gradually as the economy improves.
 
As of 09:59 GMT, coffee futures due on March 16 shed 0.75% to $145.95 a pound from the opening of $146.85, with an intraday low at $144.80, and a high at $148.00, while the dollar index gained 0.28% to 101.24 from the opening of 100.94.
 
Earlier U.S. data showed producer prices up 0.6% m/m in January, besting expectations of a 0.3% rise, and up from December's 0.3% rise.
 
Core prices rose 0.4%, passing expectations and the previous reading's 0.2% rise.

Finally, in her biannual testimony ahead of Congress, Fed Chair Janet Yellen warned from delaying rate-hike decisions as the inflation rises and the economy heats up.