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Forex - Pound lower vs. firmer dollar

ForexAug 12, 2013 08:23AM GMT Add a Comment
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Investing.com - The pound was lower against the firmer dollar on Monday, as investors’ awaited U.S. retail sales data on Tuesday amid ongoing speculation over when the Federal Reserve could start to phase out its stimulus program.

GBP/USD hit 1.5462 during European morning trade, the lowest since August 7; the pair subsequently consolidated at 1.5468, shedding 0.25%.

Cable was likely to find support at 1.5400 and resistance at 1.5557, Friday’s high.

The dollar slumped to seven-week lows against sterling last week after the latest U.S. jobs report on August 2 showed that the economy added fewer jobs than expected in July. The disappointing data saw investors reassess expectations for when the U.S. central bank would start to taper its asset purchase program.

Demand for sterling continued to be underpinned after the Bank of England sounded less dovish than anticipated when giving forward guidance on interest rates last week.

Data on Friday showed that the U.K. trade deficit narrowed to its lowest level in nearly a year in June and a separate report showed that the U.K. construction sector expanded in the second quarter, adding to signs that the recovery is gaining traction.

Elsewhere, the pound was little changed against the euro, with EUR/GBP dipping 0.05% to 0.8599.

Forex - Pound lower vs. firmer dollar

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