The Obama administration is set to nominate Janet Yellen, president of the Federal Reserve Bank of San Francisco, as vice-chairman of the central bank in an appointment that would tip the Fed’s interest rate-setting committee in a more doveish direction.
The dollar fell to its lowest level against the euro in more than four weeks after people familiar with the selection process briefed that Ms Yellen was the top pick of Barack Obama, president, to replace Don Kohn, the outgoing vice-chairman.
