Investing.com - The pound was almost unchanged against the
dollar on Monday as speculation that the Federal Reserve may taper
off its easing program supported sentiment towards the dollar.
GBP/USD hit 1.5385 during European afternoon trade, the session
high; the pair subsequently consolidated at 1.5366, easing up
Cable was likely to find support at 1.5313, Friday's low and a
two-week low and resistance at 1.5456, Friday's high.
Demand for the dollar continued to be underpinned amid speculation
over a possible near-term exit from the Fed's asset purchase
program after recent strong U.S. employment data indicated that the
economic outlook is improving.
Meanwhile, the euro remained under pressure after a member of the
European Central Bank's governing council said the bank could cut
its deposit rate into negative territory.
The deposit rate is the rate paid by the ECB on overnight deposits
by euro zone banks.
Sterling was higher against the euro, with EUR/GBP sliding 0.16% to
The U.S. was to release its closely watched government report on
retail sales later in the trading day.
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