Forex Pros – The pound was higher against the U.S. dollar on Thursday, rising to a daily high as risk aversion eased but a high degree of uncertainty remained over the impact on the global economic recovery of the unfolding disaster in Japan.
GBP/USD hit 1.6130 during European morning trade, the daily high; the pair subsequently consolidated at 1.6115, gaining 0.56%.
Cable was likely to find support at 1.5981, the days low and resistance at 1.6212, the high of March 10.
Leaders from the G7 group of the world’s richest nations were to hold talks on Friday to discuss ways to calm global markets which have been thrown into turmoil by Japan’s nuclear crisis.
Earlier in the day, Japanese authorities said they were stepping up efforts to cool reactors at the stricken Fukushima Daiichi nuclear plant, 155 miles north east of Tokyo. Army helicopters dropped sea water on the plant, in a desperate attempt to keep spent fuel rods from over-heating and causing further radiation leaks.
Meanwhile, the pound was down against the yen, with GBP/JPY shedding 0.33% to hit 127.08.
Later in the day, the U.S. was to publish official data on initial jobless claims, consumer price inflation and industrial production. Meanwhile, the Federal Reserve Bank of Philadelphia was to publish an index of manufacturing activity.
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