Cable extends decline as dollar catches a bid

GBP/USD falls by almost 0.5% on the day

The dollar is catching a broad bid on the session with USD/JPY pushing to session highs of 111.40 while EUR/USD touches a session low of 1.1546. As for GBP/USD, it is now trading to a low of 1.2938 on the day - down by 0.48%.

Meanwhile, AUD/USD and NZD/USD have both also fallen to session lows against the dollar of 0.7386 and 0.6733 respectively.

There isn't any specific news-related headline for the jolt higher in the dollar but the continued push higher in the greenback against the yuan is something supportive in the broader picture - along with the fact that the dollar index appears to be bullish still and looking to test the 95.50 levels once again.

The dollar index is now up 0.3% on the day to two-week highs of 95.42 and the 21 June high of 95.53 isn't far away. But once again, the key for dollar bulls is to sustain a daily close above that more than anything else.