FX: Pound rises against dollar, euro and yen as risk appetite recovers
The pound rose against the U.S. dollar in the early European trading session on Monday to 1.6163, as investors seemed to regain their appetite for risk.
At 10:30 A.M. GMT, GBP/USD was up about 0.3%. The pair was likely to find short term resistance around 1.6283, Friday’s high, and support at 1.6094, the Asian trading session low.
Cable’s rise came amid reports that the embattled Federal Reserve Chairman, Ben Bernanke, was edging closer to winning confirmation to serve a second term, which calmed markets and tarnished the dollar's safe-haven appeal. Last week, his prospects were considered shaky.
The pound also rose about 0.09% against the euro, and 0.83% against the yen.
EUR/GBP was trading at 0.8764, recovering from a previous daily low of 0.875; GBP/JPY was trading near its daily high, at around 145.95.
