Investing.com - The pound was slightly higher against the U.S. dollar in thin trade on Tuesday, as U.S. markets were set to remain closed for a second day as a result of Hurricane Sandy.
GBP/USD hit 1.6073 during European morning trade, the session high; the pair subsequently consolidated at 1.6056, easing up 0.14%.
Cable was likely to find support at 1.6005, Monday’s low and resistance at 1.6096, Monday’s high.
Market sentiment found some support after the initial damage caused by the massive storm appeared to have been less severe that some had feared.
Elsewhere, concerns over the economic outlook for the euro zone intensified after official data showed that the number of German unemployed rose by 20,000 in October, compared to expectations for an increase of 10,000.
The unemployment rate ticked up to 6.9%, matching September’s rate, which was revised up from 6.8%.
Another report showed that the Spanish economy contracted by 0.3% in the third quarter, compared to expectations for a 0.4% contraction. Spain’s economy has contracted by 1.6% compared to the same period last year.
The pound was slightly lower against the euro, with EUR/GBP up 0.13% to 0.8058.
Later Tuesday, Italy was planning to auction as much as EUR7 billion of government bonds, but investors remained jittery amid concerns over former Prime Minister Silvio Berlusconi's threat to bring down the current government.
GBP/USD hit 1.6073 during European morning trade, the session high; the pair subsequently consolidated at 1.6056, easing up 0.14%.
Cable was likely to find support at 1.6005, Monday’s low and resistance at 1.6096, Monday’s high.
Market sentiment found some support after the initial damage caused by the massive storm appeared to have been less severe that some had feared.
Elsewhere, concerns over the economic outlook for the euro zone intensified after official data showed that the number of German unemployed rose by 20,000 in October, compared to expectations for an increase of 10,000.
The unemployment rate ticked up to 6.9%, matching September’s rate, which was revised up from 6.8%.
Another report showed that the Spanish economy contracted by 0.3% in the third quarter, compared to expectations for a 0.4% contraction. Spain’s economy has contracted by 1.6% compared to the same period last year.
The pound was slightly lower against the euro, with EUR/GBP up 0.13% to 0.8058.
Later Tuesday, Italy was planning to auction as much as EUR7 billion of government bonds, but investors remained jittery amid concerns over former Prime Minister Silvio Berlusconi's threat to bring down the current government.