Investing.com - The dollar weakened against a basket of the other major currencies on Wednesday after Federal Reserve Chair Janet Yellen reiterated that the U.S. central bank will stick to a gradual approach when raising interest rates.
Investing.com - Gold prices rose to the highest levels of the session in North American trade on Wednesday, as traders digested prepared remarks from Federal Reserve Chair Janet Yellen.
Sterling managed to reverse its losses made earlier during the Asian session after a batch of U.K jobs and wage data came to light on Wednesday, surprising to the upside. The question arising now is whether the Bank of England’s policymakers will synchronize their opinions on future monetary policy and therefore raise interest rates after almost a year of no change.
Revealing his thoughts on whether rates should increase to tackle rising inflation, Bank of England deputy governor Ben Broadbent said he was not ready to support such a move as there were currently too many “imponderables” in the economy.
Next trading day's important events
- 17:00 (GMT 3) USA - Fed's Yellen testifies
- USDJPY: 113.21
- EURUSD: 1.1405
- S&P 500: 2441.98
- NASDAQ: 6244.92