Investing.com – The pound was lower against the U.S. dollar on Thursday, trading close to a four-day low after U.S. durable goods orders fell unexpectedly in February, declining for the third out of the past four months.
GBP/USD hit 1.6151 during European afternoon trade, the pair’s lowest since March 18; the pair subsequently consolidated at 1.6167, shedding 0.42%.
Cable was likely to find support at 1.6059, the low of March 18 and resistance at 1.6384, Wednesday’s high.
The Commerce Department said manufacturers' orders for goods designed to last at least three years fell 0.9% last month, confounding expectations for a 1.8% gain.
Orders for commercial aircraft and parts jumped 26.7% but excluding transportation, durable goods orders fell 0.6%.
In a separate report, the U.S. Department of Labor said initial jobless claims fell to a seasonally adjusted 382K last week, from an upwardly revised 387K in the preceding week. Analysts had expected initial jobless claims to fall to 384K.
The pound was also lower against the euro, with EUR/GBP surging 0.70% to hit 0.8739.
Also Thursday, official data showed that retail sales in the U.K. fell more-than-expected in February, underlining concerns over the uneven nature of the country’s economic recovery.
GBP/USD hit 1.6151 during European afternoon trade, the pair’s lowest since March 18; the pair subsequently consolidated at 1.6167, shedding 0.42%.
Cable was likely to find support at 1.6059, the low of March 18 and resistance at 1.6384, Wednesday’s high.
The Commerce Department said manufacturers' orders for goods designed to last at least three years fell 0.9% last month, confounding expectations for a 1.8% gain.
Orders for commercial aircraft and parts jumped 26.7% but excluding transportation, durable goods orders fell 0.6%.
In a separate report, the U.S. Department of Labor said initial jobless claims fell to a seasonally adjusted 382K last week, from an upwardly revised 387K in the preceding week. Analysts had expected initial jobless claims to fall to 384K.
The pound was also lower against the euro, with EUR/GBP surging 0.70% to hit 0.8739.
Also Thursday, official data showed that retail sales in the U.K. fell more-than-expected in February, underlining concerns over the uneven nature of the country’s economic recovery.