USD recovers momentum but GBP soars

 Greenback rose across the board on Wednesday ahead of Janet Yellen speech at Jackson Hole but the best performer in the currency market was the pound (for the second day in a row).

The US Dollar index, which gauges the US dollar against its main competitors, rose from 94.40 and peaked at 94.82 after the beginning of the American session. It then retreated modestly and it was hovering around 94.65. From where it was 24 hours ago, the US dollar has recovered momentum.

Cable is about to post the highest close since August 3 and above 1.3200, after rising for the third day in a row. EUR/GBP tumbled to 0.8483, the lowest in three weeks. USD/JPY held above 100.00 but it was having difficulties holding above 100.50.

In Wall Street stocks were falling modestly. The Dow Jones was down 0.25% at 18,500 and the Nasdaq was losing 0.58%. Regarding bond yields, the 10-year was modestly higher at 1.554%. Gold was falling almost $20, at $1324/oz, the lowest in almost a month. Crude oil prices were lower with the the barrel at $46.70 (WTI), down almost 3%.