Forex - GBP/USD little changed in quiet trade

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Investing.com - The pound was steady near three-week lows against the dollar on Tuesday as demand for the dollar continued to be underpinned by speculation that the Federal Reserve may scale back its easing program.

GBP/USD hit 1.5331 during European morning trade, the session high; the pair subsequently consolidated at 1.5302, edging up 0.03%.

Cable was likely to find support at 1.5263, the low of April 25 and resistance at 1.5389, Monday's high.

The dollar eased against the other major currencies on Tuesday as investors locked in profits ahead of a raft of U.S. economic data later in the week, including reports on industrial production, housing starts, inflation and economic sentiment.

The dollar remained supported amid talk of a possible near-term exit from the Federal Reserve's asset purchase program after recent U.S. data indicated that the economic outlook is improving.

Data on Monday showed that U.S. retail sales unexpectedly rose 0.1% in April.

Sterling was lower against the euro, with EUR/GBP rising 0.16% to 0.8494.

The ZEW Institute was to release its closely watched report on German economic sentiment later Tuesday, while the euro zone was to release official data on industrial production.



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This article appears in: Investing , Forex and Currencies

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