Investing.com – The pound was up against the U.S. dollar on Wednesday, rising to a daily high, after minutes of the most recent meeting of Federal Reserve policy makers revealed that many believed fresh economic stimulus would be necessary.
GBP/USD hit 1.5869 during early European trade, a daily high; the pair subsequently consolidated at 1.5852, gaining 0.27%.
Cable was likely to find support at 1.5753, Tuesday’s low and resistance at 1.6017, the high of October 7.
"Several members noted that unless the pace of economic recovery strengthened or underlying inflation moved back toward a level consistent with the [Fed's] mandate, they would consider it appropriate to take action soon," the minutes said.
Officials thought it unlikely the U.S. economy would fall into recession again, but several were concerned that growth would not be strong enough to reduce unemployment for some time.
Meanwhile, the pound was down against the euro, with EUR/GBP gaining 0.02% to hit 0.8811.
Later in the day, the U.K. was to publish official data on claimant count change and the country’s unemployment rate.
GBP/USD hit 1.5869 during early European trade, a daily high; the pair subsequently consolidated at 1.5852, gaining 0.27%.
Cable was likely to find support at 1.5753, Tuesday’s low and resistance at 1.6017, the high of October 7.
"Several members noted that unless the pace of economic recovery strengthened or underlying inflation moved back toward a level consistent with the [Fed's] mandate, they would consider it appropriate to take action soon," the minutes said.
Officials thought it unlikely the U.S. economy would fall into recession again, but several were concerned that growth would not be strong enough to reduce unemployment for some time.
Meanwhile, the pound was down against the euro, with EUR/GBP gaining 0.02% to hit 0.8811.
Later in the day, the U.K. was to publish official data on claimant count change and the country’s unemployment rate.