Dollar holds firm as markets sniff risks of Fed hawkishness

http://ift.tt/eA8V8J The dollar held firm on Wednesday after a surprisingly high reading for U.S. inflation raised expectations that Federal Reserve Chair Janet Yellen could strike a more hawkish tone on the monetary policy outlook. The risk of a faster U.S. policy tightening was high enough to keep European stocks on the defensive, following earlier falls in many Asian markets. Sterling ( GBP=D4) traded near its recent five-year peak of just over $1.70 before the Bank of England releases the minutes of its last policy meeting. BoE Governor Mark Carney said last week rates might rise before many were predicting, fuelling expectations for a first UK rate hike later this year.



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