Euro rebounds from one-week low

Euro rose on Friday before the weekend after plumbing a one-week low yesterday, capitalizing today on dollar's weakness versus a basket of currencies ahead of Yellen's speech.
 
EUR/USD last traded at 1.0557, up from the opening of 1.0509, with a session-high at 1.0574, and a low at 1.0503.
 
Euro fell yesterday to a one-week low due to dollar's rally against main rivals to a seven-week high, amid surging expectations for a rate hike in the Federal Reserve's March meeting.
 
On the other hand, euro's current recovery comes after the dollar fell today against a basket of currencies on profit-taking after recent highs this week, underpinning the common currency.
 
Markets now await Fed Chair Janet Yellen's speech to look for clues about the future of monetary policy and interest rates, nudging investors to readjust their positions ahead of the speech.