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Feb 13, 2012 11:23PM GMT
New York London Tokyo
Forex - Pound surges against dollar, hitting 3-day high
By Forexpros | Forex News | Mar 11, 2010 11:34AM GMT
Forexpros
Forex Pros – The pound surged against the U.S. dollar on Thursday, breaking above the 1.5 mark to hit a 3-day high after a Bank of England report showed that U.K. inflation expectations climbed to the highest since November 2008.
During early European trade, GBP/USD hit 1.5064, the pair's highest rate since Monday. The pair subsequently consolidated around 1.5041, gaining 0.43%.
Cable was likely to find support at 1.4781, last Monday's low and a 10-month low, and resistance at 1.5575, the high of Feb. 23.
Sterling also rose sharply against the euro, with EUR/GBP shedding 0.42% to reach 0.908.
Earlier Thursday, the U.K. central bank said British consumers predicted an inflation rate of 2.5% in a year’s time, compared with 2.4% in November, citing a quarterly survey. The data fueled speculation that the bank may raise interest rates.
Later in the day, the United States was due to publish its trade balance and release key data on unemployment claims.
On Wednesday, British Prime Minister Gordon Brown said he believed Britain would maintain its coveted top credit rating, in the wake of warnings by rating agencies over the country's fiscal policies.
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