Pound in Longest Rally Since Brexit Vote as Janet Yellen Says Case for US Rate Hike Has ‘Strengthened’

by Tara Cunningham, Szu Ping Chan, and Tim Wallace

The pound has risen against the dollar for two straight weeks amid a raft of positive UK data, rounding off its best performance against the greenback since the Brexit vote.

Sterling touched a three-week high of $1.3280 against the dollar yesterday after Janet Yellen, the chairman of the US Federal Reserve, said the case for raising interest rates in the world’s largest economy was strengthening, but gave no indication that officials could tighten monetary policy as soon as next month.

“In light of the continued solid performance of the labour market and our outlook for economic activity and inflation, I believe the case for an increase in the federal funds rate has strengthened in recent months,” Ms Yellen said in a speech in Jackson Hole, Wyoming.

Continue Reading at Telegraph.co.uk…