Investing.com - The pound pushed higher against the dollar in
quiet trade on Monday as the dollar's weakness against the firmer
yen weighed on demand for the greenback.
GBP/USD hit 1.5216 during European afternoon trade, the session
high; the pair subsequently consolidated at 1.5200, gaining 0.22%.
Cable was likely to find support at 1.5159, Friday's low and the
pair's lowest since April 4 and resistance at 1.5281, Friday's
The dollar retreated from four-and-a-half year highs against the
yen after comments by Japan's economy minister indicated that the
yen's correction from excessive strength was almost over and warned
that further yen weakness could have a negative impact on Japan's
Demand for the dollar continued to be underpinned after data on
Friday showing that U.S. consumer sentiment rose to an almost six
year high in May fuelled expectations that the Federal Reserve
could scale back its easing program this year.
Elsewhere, sterling was lower against the yen, with GBP/JPY sliding
0.36% to 155.94 and edged higher against the euro, with EUR/GBP
down 0.10% to 0.8452.
Trade volumes looked likely to remain thin on Monday, with many
European traders away for the Whit Monday holiday.
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