Dollar Slides Prior to Yellen Testimony, GBP Drops after Dismal Inflation Data

The USD lost its strength against other major currencies prior to the testimony of Fed chair Janet Yellen to the Senate Banking Panel today, while the sterling pound also decreased after the UK consumer price inflation data disappointed the market and failed to meet market expectations. The UK’s yearly inflation rate surged last January by 1.8%, falling below expectations of 1.9%. The sterling pound also decreased by 0.7% and settled at $1.2444, with the GBP remaining very reactive to certain economic occurrences such as the Brexit process and economic data coming from the US.