US dollar is heading higher today, thanks to remarks from Janet Yellen before Congress. She remains upbeat about the economy and suggests that an interest rate hike is coming before the end of the year.
Greenback is gaining ground today against its major counterparts as Federal Reserve Chair Janet Yellen speaks before Congress. She has been speaking in an upbeat manner about the economy, and says that she expects the US economy to strengthen during the rest of this year. As a result, she insists that the Fed is on track to raise interest rates before the end of 2015. While she wouldn’t say exactly when this year rates would be hiked, many analysts expect to see higher rates in September.
The news has prompted gains for the US dollar. The prospect of a rate hike, and the Fed’s interest in providing that rate hike before year’s end, is helping the greenback. Sterling got a bit of a boost on a similar message out of the Bank of England, but those gains are fading in the face of fresh news out of the United States.
At 14:36 GMT EUR/USD is down to 1.0961 from the open at 1.1009. GBP/USD is down to 1.5590 from the open at 1.5636. USD/JPY is up to 123.9470 from the open at 123.4200.
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