Investing.com - The pound extended gains against the dollar on Thursday as risk appetite remained supported after the Bank of Japan unveiled unprecedented monetary stimulus measures last week.
GBP/USD hit 1.5409 during European afternoon trade, the pair’s highest since February 20; the pair subsequently consolidated at 1.5404, gaining 0.50%.
Cable was likely to find support at 1.5317, the session low and resistance at 1.5503, the high of February 19.
On Wednesday, BoJ Governor Haruhiko Kuroda said the central bank was ready to extend its monetary stimulus program beyond two years if necessary in order to reach its 2% inflation target.
Italy saw borrowing costs fall at an auction of government debt on Thursday as Japan’s stimulus measures prompted investors to seek higher yielding assets and overshadowed concerns over ongoing political uncertainty in the country.
Market sentiment was also boosted after data showed that China saw a large increase in bank lending in March, adding to signs of an economic recovery, one day after trade data indicated that domestic demand remains strong.
Elsewhere, sterling hit three-and-a-half year highs against the yen, with GBP/JPY easing up 0.12% to 153.15.
The U.S. was to publish the weekly government report on initial jobless claims and data on import prices later in the day.
GBP/USD hit 1.5409 during European afternoon trade, the pair’s highest since February 20; the pair subsequently consolidated at 1.5404, gaining 0.50%.
Cable was likely to find support at 1.5317, the session low and resistance at 1.5503, the high of February 19.
On Wednesday, BoJ Governor Haruhiko Kuroda said the central bank was ready to extend its monetary stimulus program beyond two years if necessary in order to reach its 2% inflation target.
Italy saw borrowing costs fall at an auction of government debt on Thursday as Japan’s stimulus measures prompted investors to seek higher yielding assets and overshadowed concerns over ongoing political uncertainty in the country.
Market sentiment was also boosted after data showed that China saw a large increase in bank lending in March, adding to signs of an economic recovery, one day after trade data indicated that domestic demand remains strong.
Elsewhere, sterling hit three-and-a-half year highs against the yen, with GBP/JPY easing up 0.12% to 153.15.
The U.S. was to publish the weekly government report on initial jobless claims and data on import prices later in the day.