Investing.com - The pound was higher against the dollar on Monday after upbeat trade data from China boosted market sentiment, while the dollar remained under pressure following Friday’s disappointing U.S. jobs report.
GBP/USD hit 1.5672 during European morning trade, the session high; the pair subsequently consolidated at 1.5666, gaining 0.23%.
Cable was likely to find support at 1.5561, Friday’s low and resistance at 1.5716, the high of August 21.
Improved trade data out of China over the weekend added to indications that the world’s second largest economy is recovering from a slowdown.
Data on Sunday showed that Chinese exports were 7.2% higher on a year-over-year basis in August, up from 5.1% in July, and imports were up 7%.
Data released on Monday showed that Chinese consumer price inflation was up 2.6% year-on-year in August, in line with expectations.
In the U.S., data on Friday showed that the economy added 169,000 jobs in August, fewer than the 180,000 forecast by economists and jobs growth for the two previous months was revised lower.
The report added to uncertainty over whether the Fed will start to unwind its USD85 billion-a-month asset purchase program at its upcoming policy meeting on September 17-18.
Sterling was higher against the euro, with EUR/GBP sliding 0.24% to 0.8412.
The single currency remained under pressure after European Central Bank President Mario Draghi reiterated Thursday that bank rates will stay at current or lower levels for "an extended period," despite recent signs of economic recovery in the euro zone.
The euro zone was to release data on investor confidence later in the day.
GBP/USD hit 1.5672 during European morning trade, the session high; the pair subsequently consolidated at 1.5666, gaining 0.23%.
Cable was likely to find support at 1.5561, Friday’s low and resistance at 1.5716, the high of August 21.
Improved trade data out of China over the weekend added to indications that the world’s second largest economy is recovering from a slowdown.
Data on Sunday showed that Chinese exports were 7.2% higher on a year-over-year basis in August, up from 5.1% in July, and imports were up 7%.
Data released on Monday showed that Chinese consumer price inflation was up 2.6% year-on-year in August, in line with expectations.
In the U.S., data on Friday showed that the economy added 169,000 jobs in August, fewer than the 180,000 forecast by economists and jobs growth for the two previous months was revised lower.
The report added to uncertainty over whether the Fed will start to unwind its USD85 billion-a-month asset purchase program at its upcoming policy meeting on September 17-18.
Sterling was higher against the euro, with EUR/GBP sliding 0.24% to 0.8412.
The single currency remained under pressure after European Central Bank President Mario Draghi reiterated Thursday that bank rates will stay at current or lower levels for "an extended period," despite recent signs of economic recovery in the euro zone.
The euro zone was to release data on investor confidence later in the day.