Investing.com – The pound erased gains against the U.S. dollar on Thursday, moving lower after a string of mixed U.S. economic data added to ongoing concerns over the strength of the global economic recovery.
GBP/USD retreated from 1.5649, the daily high, to hit 1.5612 during European afternoon trade, shedding 0.07%.
Cable was likely to find support at 1.5448, Wednesday’s low, and resistance at 1.5712, the high of August 12.
Earlier in the day, official data showed that U.S. initial jobless claims fell unexpectedly last week. Meanwhile, a separate report showed that an index of manufacturing conditions in Philadelphia rose less-than-expected in September, while U.S. producer price inflation increased more-than-expected in August.
Meanwhile, the pound was down against the euro, with EUR/GBP gaining 0.59% to hit 0.8377.
Also Thursday, official data showed that retail sales in the U.K. fell more-than-expected in August, while U.K. consumer inflation expectations rose to their highest level in 2 years in August.
GBP/USD retreated from 1.5649, the daily high, to hit 1.5612 during European afternoon trade, shedding 0.07%.
Cable was likely to find support at 1.5448, Wednesday’s low, and resistance at 1.5712, the high of August 12.
Earlier in the day, official data showed that U.S. initial jobless claims fell unexpectedly last week. Meanwhile, a separate report showed that an index of manufacturing conditions in Philadelphia rose less-than-expected in September, while U.S. producer price inflation increased more-than-expected in August.
Meanwhile, the pound was down against the euro, with EUR/GBP gaining 0.59% to hit 0.8377.
Also Thursday, official data showed that retail sales in the U.K. fell more-than-expected in August, while U.K. consumer inflation expectations rose to their highest level in 2 years in August.