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Markets waiting for Yellen

US dollar weakened versus the major currencies on downbeat US data. US jobless claims rose more than expected last week to 339K; the previous week's reading was revised up. The US trade deficit widened more than expected in October while labor costs and nonfarm productivity also disappointed.

The market is now relatively quiet and will be carefully watching the Fed's Yellen's testimony in Congress to start at 15:00 GMT.

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