GBPUSD Turns Lower As Dollar Bull Fueled After Yellen’s Remarks
Jan, 19th 07:50
GBPUSD reversed lower on Thursday after three consecutive days of gain. The U.S. dollar strengthened thanks to hawkish remarks from Federal Reserve Chairwoman Janet Yellen late Wednesday.
Speaking before the Commonwealth Club of California in San Francisco yesterday, Fed Chair Janet Yellen stated that the national economy has been near full employment with inflation heading toward the Federal Reserve’s 2 percent goal. This “makes sense” for the U.S. central bank to reduce the level of monetary support gradually and lift interest rates “a few times a year” through 2019.
Investors are cautiously waiting for President-elect Donald Trump’s inauguration scheduled for Friday, especially after Trump’s recently comments that he favored a weaker dollar.
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