Investing.com – The pound climbed to a two day high against the broadly weaker U.S. dollar on Thursday, as the escalating nuclear crisis in Japan saw investors flock to safe haven assets, weighing heavily on the greenback.
GBP/USD hit 1.6170 during European early afternoon trade, the pair’s highest since Tuesday; the pair subsequently consolidated at 1.6146, gaining 0.76%.
Cable was likely to find support at 1.5981, the day’s low and short-term 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, 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 0.48% to hit 126.91.
Also Thursday, U.S. government data showed that initial jobless claims declined broadly in line with expectations last week.
A separate report showed that consumer price inflation rose slightly more-than-expected in February, while core consumer prices, which exclude more volatile food and energy costs, also rose slightly more-than-expected last month.
GBP/USD hit 1.6170 during European early afternoon trade, the pair’s highest since Tuesday; the pair subsequently consolidated at 1.6146, gaining 0.76%.
Cable was likely to find support at 1.5981, the day’s low and short-term 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, 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 0.48% to hit 126.91.
Also Thursday, U.S. government data showed that initial jobless claims declined broadly in line with expectations last week.
A separate report showed that consumer price inflation rose slightly more-than-expected in February, while core consumer prices, which exclude more volatile food and energy costs, also rose slightly more-than-expected last month.