Investing.com - The pound was lower against the U.S. dollar on
Friday, but remained supported as Wednesday's comments by Federal
Reserve Chairman Ben Bernanke continued to weigh on the greenback.
GBP/USD hit 1.5124 during European morning trade, the session low;
the pair subsequently consolidated at 1.5138, sliding 0.29%.
Cable was likely to find support at 1.5062, Thursday's low and
resistance at 1.5283, the high of July 4.
Demand for the greenback remained under pressure after Bernanke on
Wednesday said the Fed will continue to maintain accommodative
monetary policy for the foreseeable future, citing low levels of
inflation and the high unemployment rate.
Bernanke said the bank will not raise interest rates until the U.S.
unemployment rate hits 6.5%.
The comments came after the minutes of the central bank's June
policy meeting showed that Fed policymakers remain divided over
when to begin tapering its USD85 billion-a-month asset purchase
Sterling was fractionally higher against the euro with EUR/GBP
easing 0.08%, to hit 0.8618.
Also Friday, official data showed that industrial production in the
euro zone fell 0.3% in May, exceeding expectations for a 0.2%
downtick, after a 0.5% increase the previous month.
Later in the day, the U.S. was to produce official data on producer
price inflation and preliminary data from the University of
Michigan on consumer sentiment.
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