Forex News- Pound touches day’s highs after UK data, gains checked

The pound touched the day’s highs against the dollar on Wednesday after data showing that U.K. industrial output rose at the fastest rate in nearly four years in April.

GBP/USD hit highs of 1.4579 immediately following the release of the data, before pulling back to 1.4531.

The Office for National Statistics said industrial production rose 2.0% in April after a 0.3% increase in March, the largest monthly increase since July 2012.

Manufacturing output rose 2.3% after a 0.1% increase in March, in what was also the fastest monthly increase since July 2012.

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The dollar was trading near one-month lows against a basket of major currencies on Tuesday after Federal Reserve Chair Janet Yellen struck a mixed tone on the outlook for the economy and prospects for higher interest rates.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.17% at 93.88, not far from Monday’s lows of 93.74, the weakest level since May 11.

Speaking Monday, Yellen indicated that the U.S. central bank won’t be raising interest rates until uncertainty over the economic outlook is resolved.

Yellen said she expects the economic recovery to continue but gave no indications on the timing of a next rate increase.

The remarks came after data on Friday showing that the U.S. economy added just 38,000 jobs last month, the smallest increase since September 2010.

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Forex signals: Dollar bulls bruised by payrolls blow, Yellen in focus

The dollar languished at more than three-week lows against a basket of major currencies on Monday after a strongly disappointing employment report prompted investors to rule out the chance of a hike in U.S. interest rates this month.

The dollar index (DXY) stood at 94.161, having been as low as 93.855 on Friday - a level last seen on May 12. It tumbled 1.6 percent on Friday, posting its second biggest one-day drop this year.

The yen also hit a three-year high of 120.83 per euro on Friday before stepping back to 121.50.

The euro held upper hand against the dollar, climbing to its highest in three weeks at $1.1375 on Friday though it has since drifted back to $1.1345.

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Dollar hits two-week low against yen

The dollar hit a two-week low against the safe-haven yen on Thursday, weighed down by uncertainty over whether the U.S. Federal Reserve will raise interest rates in June or July.

Strategists said comments from Bank of Japan board member Takehiro Sato, who said on Thursday he was opposed to deepening negative interest rates, had lifted the yen, which was already trading strongly on the back of subdued risk sentiment across markets.

The dollar was down half a percent by 0740 GMT at 108.99 yen, having earlier touched 108.825 yen, its lowest for two weeks. That was around 2.5 percent weaker than a one-month high of 111.455 yen set on Monday.

The European Central Bank will at 1145 GMT publish its latest interest rate decision, with no change expected, followed by a press conference with ECB chief Mario Draghi at 1230 GMT.

The euro rose 0.3 percent to $1.1221, its highest in nine days, lifted by market expectations that the ECB will raise growth and inflation forecasts, a rare positive step even as it emphasises persistent negative risks and a readiness to provide more stimulus.

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Asia shares slip, dollar firm after Yellen's hike remarks

Asian shares slipped on Monday while the dollar marked fresh highs after Federal Reserve Chair Janet Yellen suggested that an interest rate hike could be around the corner.

The Fed should raise interest rates "in the coming months" if economic growth picks up and the labor market continues to improve, Yellen said on Friday.

The dollar index logged a fresh two-month high of 95.940, and was last up 0.4 percent at 95.897 (DXY).

The dollar rose 0.5 percent to 110.96 yen after earlier notching a fresh one-month higher of 111.03 yen.

The dollar also got a lift from revised U.S. gross domestic product data for the first quarter released on Friday, that showed that growth did not slow as much as first estimated.

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Forex Tips - Dollar holds steady vs. euro, yen ahead of Yellen speech

The dollar held steady against other major currencies on Friday, as investors remained cautious ahead of a speech by Federal Reserve Chair Janet Yellen due later in the day amid growing expectations for an upcoming U.S. rate hike.

EUR/USD was little changed at 1.1196.

Investors were eyeing the release of U.S. economic growth data, as well as comments by Fed Chair Janet Yellen due later Friday, for futher hints on the timing of future rate hikes by the U.S. central bank.

The greenback posted sharp gains earlier in the week amid expectations for the Fed to raise interest rates in the near term after last week’s April Fed meeting minutes flagged a possible rate hike if the economy continues to improve.

USD/JPY was steady at 109.71.

Earlier Friday, official data showed that Tokyo’s consumer price index fell by an annualized rate of 0.5% in May, compared to expectations for a 0.4% slip. Core CPI, which excludes fresh food, also declined by 0.5% last month, disappointing expectations for a 0.4% fall.

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Dollar slips lower but remains broadly supported

The dollar slipped lower against the other major currencies on Thursday, as investors locked in profits from the greenback’s recent rally to two-month highs and awaited the release of U.S. jobless claims and durable goods orders data later in the day.

USD/JPY edged down 0.17% to 109.99.

The greenback continued to be underpinned by expectations that the Federal Reserve could raise interest rates in the near term after last week’s April Fed meeting minutes flagged a possible rate hike if the economy continues to improve.

However, investors remained cautious as G7 leaders held a summit meeting in Japan, amid persistent concerns over the strength of the global economy.

The G7 leaders were expected to reiterate their previous commitment to stability in the foreign exchange market.

EUR/USD rose 0.22% to 1.1178, pulling away from Tuesday’s two-month lows of 1.1132.

The euro gained ground after Greece and its creditors reached a deal on Wednesday to unlock €10 billion in bailout funds and trigger work on debt relief, easing concerns over another euro zone debt crisis.

The dollar was steady against the pound and the Swiss franc, with GBP/USD at 1.4701 and with USD/CHF at 0.9911.

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