Pound rises vs dollar after U.K. leaders’ election debate

ForexNewsNow | Published on June 20, 2010 at 4:18 am

NEW YORK (Forex News Now) – The pound rose against the dollar in fx trading on Thursday after the end of Britain’s historic second TV election debate, which immediate polls said was won by the Conservative leader, David Cameron.

In U.S. late afternoon currency trading, GBP/USD rose to 1.5394, up 0.08 percent on the day.

Sterling was also lifted by comments from Goldman Sachs analysts, who said the global forex market was growing used to the idea of a hung parliament, and was less likely to batter the pound in such an event than was earlier feared.

During the European foreign exchange trading session earlier Thursday, sterling fell against the greenback following a disappointing report on U.K. retail sales and mounting fears over Greece’s gaping budget deficit.

Forex traders offering key FX news, meanwhile, say the pound is likely to encounter resistance versus the dollar around the high of April 15, 1.5523, and meet support around Monday’s low, 1.5191.

Friday’s FX News is likely to be dominated by the release of important reports on Britain’s gross domestic product and U.S. durable goods sales and new home sales. Germany is also set to make currency trading news, with the publication of closely followed survey on business conditions.

 

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