Investing.com - The pound was higher against the U.S. dollar on
Friday, but gains were limited as concerns over the outcome of a
last round of U.S budget talks scheduled later in the day continued
GBP/USD hit 1.6142 during European afternoon trade, the daily high;
the pair subsequently consolidated at 1.6138, rising 0.24%.
Cable was likely to find support at 1.6067, Thursday's low and
resistance at 1.6202, Thursday's high.
Investors remained cautious as U.S. President Barack Obama was to
meet congressional leaders later Friday at the White House for
last-minute talks on a "fiscal cliff" deal to avoid automatic tax
increases and broad spending cuts that threaten the US economy's
The meeting comes just four days before the government goes over
the so-called fiscal cliff, assuming no deal is reached. Without a
deal, the U.S. could fall back into recession and drag much of the
world down with it.
Sterling was also higher against the euro with EUR/GBP sliding
0.60%, to hit 0.8172.
Also Friday, Markit research group said that the euro zone's retail
purchasing managers' index deteriorated to 44.5 in December from a
reading of 45.8 the previous month.
The report came after official data showed that French consumer
spending rose 0.2% in November, more than the expected 0.1%
increase and following a 0.1% fall the previous month.
Later in the day, the U.S. was to publish data on pending home
sales, as well as a report on business conditions in the Chicago
area and official data on crude oil stockpiles and natural gas
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