Investing.com - The pound was almost unchanged against the dollar on Thursday ahead of U.S. data on jobless claims and the trade balance, amid expectations that the Federal Reserve will continue its stimulus program well into next year.
GBP/USD hit 1.6223 during European afternoon trade, the session high; the pair subsequently consolidated at 1.6166, just 0.02% higher for the day.
Cable was likely to find support at 1.6114, the low of October 22 and resistance at 1.6255, Wednesday’s high.
The dollar remained under pressure after data earlier in the week showing that U.S. jobs growth slowed in September cemented expectations that the Federal Reserve would continue the current pace of its asset purchase program until at least early next year.
Elsewhere, sterling was slightly lower against the euro, with EUR/GBP easing up 0.18% to 0.8539.
Euro zone data on manufacturing and services activity released on Thursday indicated that the recovery in the region remains sluggish.
The preliminary reading of the euro zone’s manufacturing purchasing managers’ index ticked up to 51.3 in October from a final reading of 51.1 in September, slightly below expectations for a reading of 51.4.
The euro zone services PMI fell to 50.9 this month from 52.2 in September.
Germany’s manufacturing PMI edged up to 51.5 from a final reading of 51.1 in September, but the services PMI declined to a three-month low of 52.3.
Manufacturing and service sector activity in France declined unexpectedly this month.
GBP/USD hit 1.6223 during European afternoon trade, the session high; the pair subsequently consolidated at 1.6166, just 0.02% higher for the day.
Cable was likely to find support at 1.6114, the low of October 22 and resistance at 1.6255, Wednesday’s high.
The dollar remained under pressure after data earlier in the week showing that U.S. jobs growth slowed in September cemented expectations that the Federal Reserve would continue the current pace of its asset purchase program until at least early next year.
Elsewhere, sterling was slightly lower against the euro, with EUR/GBP easing up 0.18% to 0.8539.
Euro zone data on manufacturing and services activity released on Thursday indicated that the recovery in the region remains sluggish.
The preliminary reading of the euro zone’s manufacturing purchasing managers’ index ticked up to 51.3 in October from a final reading of 51.1 in September, slightly below expectations for a reading of 51.4.
The euro zone services PMI fell to 50.9 this month from 52.2 in September.
Germany’s manufacturing PMI edged up to 51.5 from a final reading of 51.1 in September, but the services PMI declined to a three-month low of 52.3.
Manufacturing and service sector activity in France declined unexpectedly this month.