The pound strengthened against the U.S. dollar and the Japanese yen in early European deals on Friday following a gain in European stocks.
The pound is now trading at 1.5829 against the U.S. dollar with 1.59 seen as the next upside target level. At yesterday's close, the pair was worth 1.5787.
Against the yen, the pound is now trading at 124.33, bouncing back from a 3-day low of 123.78 hit in previous deals. If the pound-yen pair rises further, it may target 125.00 level.
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Forex News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.