Investing.com - The pound remained lower against the U.S. dollar
on Friday, after the release of disappointing U.S. consumer
sentiment data, although Wednesday's comments by Federal Reserve
Chairman Ben Bernanke continued to weigh on the greenback.
GBP/USD hit 1.5189 during U.S. morning trade, the session low; the
pair subsequently consolidated at 1.5109, shedding 0.49%.
Cable was likely to find support at 1.5028, the low of July 3 and
resistance at 1.5283, the high of July 4.
In a preliminary report, the University of Michigan said its index
of consumer sentiment fell to 83.9 in July, from a reading of 84.1
the previous month, confounding expectations for a rise to 85.0.
Separately, the U.S. Department of Labor said producer price
inflation rose 0.8% in June, more than the expected 0.5% gain,
after 0.5% increase the previous month.
Core producer price inflation, which excludes food and energy, rose
0.2% last month, compared to expectations for a 0.1% increase,
after a 0.1% rise in May.
On Wednesday, Bernanke said the central bank will continue to
maintain accommodative monetary policy for the foreseeable future,
citing low levels of inflation and the high unemployment rate.
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 steady against the euro with EUR/GBP inching up 0.04%,
to hit 0.8627.
The euro remained under pressure after 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
offers an extensive set of professional tools for the Forex,
Commodities, Futures and the Stock Market including real-time data
streaming, a comprehensive economic calendar, as well as financial
news and technical & fundamental analysis by in-house experts.
Read more News on Investing.com or Follow us on Twitter at @