• Yellen in cautious mood and Pound firmer

    Blink and you miss it right now and with a more dovish US Fed head Yellen yesterday we've seen some US$ selling again.

    GBPUSD had been down to test 1.2800 after BOE MPC's Broadbent said he wasn't ready to raise interest rates just yet but from there it was a steady recovery to 1.2908 with EURGBP falling from 0.8950 to 0.8850 on option contract related selling (GBPEUR up to 1.1300 from 1.1175) as the Euro's recent demand came in for a reversal. Overall the Pound has made a few gains too.

    EURUSD fell to 1.1411 from 1.1485 also on option-related selling before then also getting a lift from Yellen's dovish tones to post 1.1455 as I type. USDJPY fell to test 112.80 again and USDCHF has fallen to test 0.9600 but losses tempered by dip demand on EURCHF at 1.1000.

    The Aussie $ remains underpinned on a firmer Gold/weaker US$ combo and the Canadian $ has strengthened further as the Bank of Canada duly delivered the interest rate hike I've been highlighting this week.

    Today US Federal Reserve head Janet Yellen delivers Part 2 her semi-annual testimony and we'll be looking for further clues on rate hikes.

    Don't forget to place your orders to maximize gains/minimize losses in these roller coaster markets.

    Have a good day one and all.

    Interbank Rates 06.30 BST

    GBPUSD 1.2897

    EURUSD 1.1445

    EURGBP 0.8873

    GBPEUR 1.1270

    USDJPY 112.95

    AUDUSD 0.7698

    USDCAD 1.2741

    GBPAUD 1.6752

    GBPCAD 1.6432

    GBPCHF 1.2420

    GBPZAR 17.0394

    GBPHKD 9.9990

    EURHKD 8.8723

    GBPSGD 1.7749


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