GBP/USD drops to 18-month lows ahead of BoE statement
The pound dropped to 18-month lows against the U.S. dollar on Thursday, as demand for the greenback continued to receive broad support, while investors eyed the Bank of England's upcoming policy statement due later in the day.
GBP/USD hit 1.5034 during European morning trade, the pair's lowest since July 2013; the pair subsequently consolidated at 1.5056, declining 0.36%. Cable was likely to find support at 1.4812 and resistance at 1.5156, Wednesday's high. Market participants were eyeing the BoE's monthly policy statement, due later in the trading session and expected to give further indications on the central bank's next monetary policy moves. Sterling was steady against the euro, with EUR/GBP at 0.7836.
NZD/USD edges higher but gains seen limited
The New Zealand dollar edged higher against its U.S. counterpart on Thursday, but gains were expected to remain limited as demand for the greenback remained broadly supported by expectations for a U.S. rate hike this year.
NZD/USD hit 0.7802 during late Asian trade, the pair's highest since Tuesday; the pair subsequently consolidated at 0.7800, adding 0.26%.
The pair was likely to find support at 0.7711, Wednesday's low and resistance at 0.7855, the high of December 31.
On Wednesday, the minutes of the Federal Reserve’s December meeting did little to alter expectations that U.S. interest rates will start to rise later this year.
The pair was likely to find support at 0.7711, Wednesday's low and resistance at 0.7855, the high of December 31.
On Wednesday, the minutes of the Federal Reserve’s December meeting did little to alter expectations that U.S. interest rates will start to rise later this year.
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