The dollar hovered below its 2014 peak against a basket of major currencies on Friday, as investors cautiously trimmed favourable bets and booked profits ahead of a speech by U.S. Federal Reserve Chair Janet Yellen.

The dollar index slipped to 82.106, having risen as high as 82.364 on Thursday, a level last seen in early September. It was still up 0.8 percent so far this week and on track for its best weekly gain since March. Upbeat U.S. housing data and hawkish-sounding Fed minutes have combined to give the dollar a boost.

“Some of those who held long dollar positions before have probably taken profits since yesterday,” said Lutz Karpowitz, currency strategist at Commerzbank.

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