Investing.com - The pound moved to near three-month highs against the dollar on Tuesday after the U.S. said it was willing to explore Russian calls for Syria to give up control of its chemical weapons stockpiles, a proposal Syria said it would accept.
The news prompted relief buying for risk-on asset classes among investors worried over the specter of U.S. military strikes against Syria for its alleged use of chemical weapons in its civil war, which came at the dollar's expense.
In U.S. trading on Friday, GBP/USD was trading at 1.5732, up 0.24%, up from a session low of 1.5686 and off from a high of 1.5744.
Cable was likely to find support at 1.5565, Friday's low, and resistance at 1.5752, the high from June 17.
Syria's reported willingness to give up control of its chemical weapons stockpiles sparked demand for higher-yielding asset classes Tuesday as fears subsided the U.S. would attack.
While the Obama administration has pressed its case for attack on the grounds Damascus used chemical weapons in its civil war, polls show most Americans do not favor attacking Syria.
The U.S. has said it would explore Russia's proposal.
Elsewhere, upbeat data out of China watered down for the greenback as well.
Chinese industrial production rose 10.4% in August, beating expectations for a 9.9% increase and accelerating from a 9.7% gain in July.
Earlier this week, China reported that its exports grew 7.2% year-over-year in August, up from 5.1% in July, which painted a picture of an improving global economy.
The dollar also came under pressure due to ongoing uncertainty over Federal Reserve policies.
The U.S. economy added 169,000 jobs in August, the Bureau of Labor Statistics revealed on Friday, less than market calls for a 180,000 increase.
The data continued to fuel sentiments that the Federal Reserve may hold off on announcing plans to begin winding down its USD85 billion in monthly bond purchases at its Sept. 17-18 policy meeting.
Still, the dollar saw some support over the Syria impasse, especially among those investors who sought safety in gold during the crisis.
Gold futures for December delivery traded at USD1,365.00 during U.S. afternoon hours, down 1.56%, which gave the dollar some support as the two assets tend to trade inversely with one another.
The pound, meanwhile, was up against the euro and up against the yen, with EUR/GBP down 0.14% at 0.8434 and GBP/JPY up 0.99% at 157.83.
On Wednesday, the U.K. is to release government data on the change in the number of unemployed people, the overall unemployment rate and average earnings.
The news prompted relief buying for risk-on asset classes among investors worried over the specter of U.S. military strikes against Syria for its alleged use of chemical weapons in its civil war, which came at the dollar's expense.
In U.S. trading on Friday, GBP/USD was trading at 1.5732, up 0.24%, up from a session low of 1.5686 and off from a high of 1.5744.
Cable was likely to find support at 1.5565, Friday's low, and resistance at 1.5752, the high from June 17.
Syria's reported willingness to give up control of its chemical weapons stockpiles sparked demand for higher-yielding asset classes Tuesday as fears subsided the U.S. would attack.
While the Obama administration has pressed its case for attack on the grounds Damascus used chemical weapons in its civil war, polls show most Americans do not favor attacking Syria.
The U.S. has said it would explore Russia's proposal.
Elsewhere, upbeat data out of China watered down for the greenback as well.
Chinese industrial production rose 10.4% in August, beating expectations for a 9.9% increase and accelerating from a 9.7% gain in July.
Earlier this week, China reported that its exports grew 7.2% year-over-year in August, up from 5.1% in July, which painted a picture of an improving global economy.
The dollar also came under pressure due to ongoing uncertainty over Federal Reserve policies.
The U.S. economy added 169,000 jobs in August, the Bureau of Labor Statistics revealed on Friday, less than market calls for a 180,000 increase.
The data continued to fuel sentiments that the Federal Reserve may hold off on announcing plans to begin winding down its USD85 billion in monthly bond purchases at its Sept. 17-18 policy meeting.
Still, the dollar saw some support over the Syria impasse, especially among those investors who sought safety in gold during the crisis.
Gold futures for December delivery traded at USD1,365.00 during U.S. afternoon hours, down 1.56%, which gave the dollar some support as the two assets tend to trade inversely with one another.
The pound, meanwhile, was up against the euro and up against the yen, with EUR/GBP down 0.14% at 0.8434 and GBP/JPY up 0.99% at 157.83.
On Wednesday, the U.K. is to release government data on the change in the number of unemployed people, the overall unemployment rate and average earnings.