Investing.com – The pound was down against the U.S. dollar on Tuesday, falling to hit a 2-day low, ahead of the release of key U.K. data on inflation.
GBP/USD hit 1.6046 during late Asian trade, the pair’s lowest since November 12; the pair subsequently consolidated at 1.6030, shedding 0.14%.
Earlier in the day, in an interview with The Wall Street Journal, Federal Reserve Vice Chairwoman Janet Yellen defended the Fed's November 3 decision to purchase USD600 billion more of U.S. Treasury bonds saying, "I see inflation lingering around current levels for a long time".
Yellen also stressed that the Fed was not trying to push down the value of the dollar, and added that she would not hesitate to take additional action, if needed.
Also Tuesday, New York Fed President William Dudley said the need to exit from current U.S. monetary policies could be "years away".
The pound was also down against the euro, with EUR/GBP rising 0.20% to hit 0.8482.
Later in the day, the U.K. was to publish official data on consumer price inflation.
GBP/USD hit 1.6046 during late Asian trade, the pair’s lowest since November 12; the pair subsequently consolidated at 1.6030, shedding 0.14%.
Earlier in the day, in an interview with The Wall Street Journal, Federal Reserve Vice Chairwoman Janet Yellen defended the Fed's November 3 decision to purchase USD600 billion more of U.S. Treasury bonds saying, "I see inflation lingering around current levels for a long time".
Yellen also stressed that the Fed was not trying to push down the value of the dollar, and added that she would not hesitate to take additional action, if needed.
Also Tuesday, New York Fed President William Dudley said the need to exit from current U.S. monetary policies could be "years away".
The pound was also down against the euro, with EUR/GBP rising 0.20% to hit 0.8482.
Later in the day, the U.K. was to publish official data on consumer price inflation.